Chinese EV maker Nio is preparing for an expansion into Europe. A new factory in China will build budget EVs for the European market to begin delivery as early as next year. Currently, the brand offers vehicles in Europe starting at around $53K. The price of the upcoming "budget" remains to be seen. Domestic sales took a hit when state EV subsidies ended, so market expansion is more important.
Back home. This year the company plans to build 1,000 new battery swap stations in the country, bringing the total to 2,300. Of the new stations, 400 will live along highways, while the remaining 600 will serve urban locations.
Back in December, the company announced ultra-fast chargers to go public in March this year. A Nio exclusive cooling tech offers a lightweight charging cable, with charging speeds among the fastest to date. In around 12 minutes, a battery can get from 10% to 80% charged. The chargers will be open to any EV or user.