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NIO Inc. (NYSE:NIO) shares are trading slightly lower in the premarket session on Wednesday.
The Chinese EV firm is reportedly making strides in its national battery swap network with the completion of initial coverage across all districts in Tianjin, reports CnEV Post.
The report adds that the company’s energy division, NIO Power, now operates 56 battery swap stations across Tianjin’s 16 districts, marking another step in its broader “Power Up Counties” expansion campaign.
NIO’s commitment to enhancing electric vehicle infrastructure also extends into northeastern China through a newly formed partnership with ZDK Group, a state-owned firm based in Shenyang.
The alliance will oversee the construction of 100 new battery swap sites across Liaoning, Jilin, Heilongjiang, and Inner Mongolia to support growing EV adoption.
The “Power Up Counties” initiative aims to build a dense, accessible network of battery swap stations across county-level regions nationwide. So far, NIO has completed deployment in regions including Beijing, Shanghai, Jiangsu, Zhejiang, and Guangdong.
In Tianjin alone, nearly 1 million battery swaps have been conducted, highlighting significant traction for this model of EV servicing, CnEV Post adds.
Unlike many provinces, Tianjin operates without county-level divisions, focusing efforts instead on urban districts.
This progress comes at a time of intensified competition in China’s EV sector.
Over the weekend, a CNBC report stated that rival BYD Co. Ltd. (OTC:BYDDF) triggered market turbulence by slashing prices on its flagship electric models.
The move, aimed at driving sales and protecting market share, sent shares of NIO, XPeng Inc. (NYSE:XPEV), and Li Auto Inc. (NASDAQ:LI) tumbling as investors recalibrated expectations in light of a renewed pricing war.
As the Chinese EV market continues to evolve, investors might consider related exposure through ETFs like the Invesco Golden Dragon China ETF(NASDAQ:PGJ).
Price Action: NIO shares are trading lower by 0.41% to $3.675 premarket at last check Wednesday.
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