NIO Inc. (NIO) Opens 3rd Line in Power Up Plan
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NIO Inc. (NYSE: NIO) announced Monday that they have opened a new charging line in southwestern China under its Power Up Plan. The route, with its easternmost point in Xining, Qinghai Province, and the westernmost point in Lhasa, Tibet, is the company's third route under the Power Up Plan. NIO claims the new line covers a distance of 2,400 kilometers and offers 15 charging stations and battery swap stations, with an average of one energy refill point every 170 kilometers.
NIO unveiled the Power Up plan at the 2020 Beijing Auto Show. The plan aims to deploy 20kW destination DC charging stations in popular travel, leisure, and business destinations, with the ultimate goal to deploy more than 30,000 destination DC charging piles in China. To achieve the goal, NIO plans to provide a total of RMB 100 million in construction and operation subsidies to all partners who are willing to share resources and waive service fees for NIO customers.
By Michael Elkins | Michael.Elkins@streetinsider.com
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