NIO to build 20 battery swapping stations in Germany

German energy company, EnBW announced on Thursday that Chinese electric vehicle maker Nio (NYSE: NIO) will install swapping stations at 20 charging parks in Germany.

The carmaker, which is aiming for 120 swapping stations in Europe by the end of 2023, opened its first swapping station in Germany in late September in Zusmarshausen in collaboration with charging operator Sortimo and mobility technology company TSG.

EnBW, which is investing over 100 million euros ($105.26 million) a year in expanding electric vehicle charging infrastructure, plans to expand its partnership with Nio to install more swapping stations in future.

Shares of NIO are up 5.88% in mid-day trading on Thursday.

By Michael Elkins | [email protected]

You May Also Be Interested In

• NIO says addition to Pentagon's Chinese military companies list not justified
• Starbucks designates Val Bauduin as principal accounting officer
• This optical stock is a Top Pick at Needham. Here's why