Nio Inc – ADR (NYSE:NIO) unveiled its Chinese headquarters in Hefei on Friday and also announced a milestone for its battery swap technology.
Nio's New Headquarters Go Online: The official unveiling of Nio China headquarters is a landmark in the development of Nio China, the company said in a statement.
The electric vehicle manufacturer announced in late April definitive agreements with a group of strategic investors for Nio China.
The Hefei Economic and Technological Development Area is where Nio's main manufacturing hub is located.
Its core businesses, including vehicle R&D, supply chain, sales and service and NIO Power are all now operational from the new headquarters, the company said.
Nio, along with JAC, its joint venture partner, has officially started the expansion of the Hefei Advanced Manufacturing Center.
"With the opening of NIO China headquarters, NIO will scale up the Hefei team, deepen the cooperation with local partners, become more deeply rooted in Hefei, and accelerate the development of the company," according to the automaker.
Nio also said it will cooperate with Hefei Charge, a subsidiary of Hefei City Construction and Investment Holding Group, to promote the deployment of battery swapping facilities in 2020 and 2021.
1M Power Swaps And Counting: Nio Power, the company's mobile, internet-based charging solution with extensive battery charging and a power swap facility network, has completed over 1 million power swaps as of Oct. 5, the company said.
This has helped users save over 100 million yuan ($14.9 million) in energy costs, and the users are entitled to lifetime free power swap services, Nio said.
Nio Power has accelerated the development of the power swap network, which now includes 155 power swap stations in China.
The technology is a net positive for Nio, as a government subsidy policy announced in late April envisages that new energy vehicles compatible with battery swapping can continue to enjoy subsidies from 2020 to 2022.
Users of Nio's battery-as-a-service program can take advantage of Power Swap and flexible battery upgrade services, as well as national NEV subsidies and a purchase tax exemption enjoyed by users who have purchased batteries, Nio said.
Nio Power is developing a second-generation power swap station that is expected to come into service next year.
The next-generation station, the company said, will have better performance and an improved user experience.
NIO Price Action: At last check, Nio shares were adding 1.05% to $21.66.
Related Link: Why Nio Has A Shot At Becoming The 'Tesla Of China'
Photo courtesy of Nio.