$NIO Inc.(NIO)$ Moat update on the 24-hour swap figures.
95,600 swaps recorded, roughly 12.6% of all BaaS cars. The trailing 28-day daily average sits at 112,825 swaps.
Total swaps now at 123,641,400, up from 123,545,800 the prior day. BaaS users are around 60% of the 1,260,485 cars delivered through end of August.
4,071 swap stations in operation, with 1,053 on highways, and one more added on Sep 8. Station installs by quarter this year: Q1 110, Q2 170, Q3 115.
The 123 million swaps milestone was reached on Sep 1, 2026.
Swap progress over time: 2,320 stations and 35.0 million total swaps on January 1, 2024. A year later, 2,995 stations and 61.5 million swaps. By January 1, 2026, 3,676 stations and 96.4 million swaps.
A full charge takes about 3 minutes while staying in the vehicle. With BaaS swapping, the battery is always defect free, fresh, and up to date.
The first 10 million swaps took NIO four years. The fastest million so far came in 6.5 days.
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