NIO Inc. (NIO), a leader in electric vehicle development and manufacture, announced its plan to increase its charging network and provide vehicles with quick-change batteries. This week, the NIO Inc. unveiled its first sedan that will directly compete with Tesla’s Model S.
Several electric vehicle charging stations will be located in eight regions of the country, which NIO has established a three-year plan to establish. It is planned to install charging stations at intervals of approximately 100 km along the major highways in the northern regions of China, where electric vehicles will charge, and batteries will be replaced in NIO cars. This will notably increase the brand’s attractiveness in the region. Meanwhile, China plans to create a network in general that allows cars to be charged near most of the country’s top attractions.
NIO cars have an advantage in that they can replace the battery themselves to save on maintenance costs. The fastest way to change the most important part of your car is without unnecessary hassles, for example, instead of fast charging, or to do upgrades, warranty replacements, etc. Replacement service is carried out only at certified garages for other car manufacturers such as Tesla.
Essentially a three-door sedan, the ET7 was first unveiled in early 2021, and the concept was highly anticipated from the start. This week is the only week when the finished assembled car has been presented. Nevertheless, innovation makes a big difference in the brand’s image, which can now rival Tesla’s marque collection. The NIO Slingshot is the NIO stock’s first premium sedan for families that don’t wish to buy crossovers.
During Wednesday’s trading session, NIO Inc. (NIO) grew by 5.3%. While the day’s low was $36.16, and the peak was $38.96. Barchart data indicates that NIO closed the previous trading session at $36.93 while trading volume was 77.04 million.