Chinese electric vehicle maker Nio will add 100 battery swap stations in Jiangsu province under a new strategic agreement with Jiangsu Financial Leasing, the company said on Wednesday.
The deal, signed in Nanjing, the provincial capital, will see Nio’s energy division, Nio Power, collaborate with the financial services firm to expand the region’s energy infrastructure for electric vehicles. The new facilities will support both battery swapping and charging services.
“The two parties will jointly build 100 energy replenishment facilities in Jiangsu to make the region’s network more dense,” Nio said in a statement, adding that the partnership will provide “a mature path and replicable model for the nationwide layout of the battery swap network.”
Beyond infrastructure expansion, the agreement also calls for broader cooperation in financing, technology development, and business models. In the automotive finance sector, the two sides will tailor sales financing packages for Nio’s Onvo sub-brand and prioritize support for consumer and supply chain finance.
The Jiangsu agreement is the fifth large-scale cooperation for battery swap station deployment signed by Nio Power since October 2023. Nio currently operates 422 battery swap stations and 313 supercharging stations across Jiangsu, according to data compiled by CnEVPost.
At its Nio Power Up 2024 event held in August, the company unveiled its “Power Up Counties” initiative, which aims to extend its battery swap network to all counties across 27 provincial-level regions in China by the end of 2025.
As of August 7, Nio has built 3,442 battery swap stations across the country, including 1,003 along highways. It also operates 2,926 supercharging stations with 13,555 chargers and 1,781 destination charging stations with 13,407 charging piles. Nio’s EV charging map includes access to more than 1.31 million third-party charging stations.