Nio (NIO) begins construction of power swap station in Netherlands

Electric vehicle company Nio Inc, (NYSE: NIO) began construction of its 7th European Power Swap Station (PSS) on Wednesday, its second in the Netherlands. The station will be located in Appeldoorn, Landgoedlaan and will begin operations next week.

The first PSS in the Netherlands was opened on December 1 in Tilburg. There are already three in Germany, two in Norway, and one in Sweden. As of December 7, Nio has built 1250 swap stations in China. All PSSs in Europe are 2.0 generation, have 14 battery slots, and can do 312 swaps per day. One exchange takes approximately 5 minutes.

During the Nio day 2021, the company announced its 25 countries by 2025 plan. The second phase of its global push includes Australia, France, Italy, Austria, Belgium, Italy, Switzerland, Spain, and the US. Nio already has US headquarters in San Jose, California, and recently signed a ten year lease there.

Shares of NIO are up 4.59% in mid-day trading on Thursday.

By Michael Elkins | [email protected]

You May Also Be Interested In

• IBM (IBM) announces mixed Q1 results, HashiCorp acquisition; shares down
• Humana (HUM) surges on Q1 beat, reiterated adjusted earnings outlook
• Analysis-China's EV survival game creates peril - and power