Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Chinese electric vehicle manufacturer NIO's (NYSE: NIO) shares are up premarket after the company said it plans to add 3,700 battery-swap stations worldwide by the end of 2025.
The company's President and co-founder, Qin Lihong, revealed the news at NIO's inaugural Power Day.
NIO already has 300 battery swap stations, where drivers can swap their batteries rather than waiting for the current one to charge. It is expected to have over 700 battery swap stations by the end of 2021.
The company had sold over 117,000 as of June 30, and it also stated that it will work on building more charging stations. Tesla has over 850 supercharging stations in China, with NIO is seen as the most significant rival to Tesla in the region.
NIO recently revealed it will be expanding into Norway, with Electrek reporting that superchargers and swap stations are on their way into the country and expected to arrive next month. NIO said it expects home and superchargers to be available in Norway at the beginning of September.
The company's share price is up 3.05% premarket at $46.99, adding to its over 212% gains in the past 12 months.
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