NIO Hits 90 Million Battery Swaps: What Powers This Momentum?

NIO Inc. NIO has exceeded 90 million cumulative battery swap services, achieving this milestone just 100 days after reaching 80 million, per CnEVPost. The 90 millionth swap was completed on Oct. 26, 2025, per the Chinese electric vehicle (EV) manufacturer's announcement on Weibo. NIO now performs more than 100,000 battery swaps daily, with the 100 millionth service expected soon.

The company reported that total electricity dispensed through its battery swap network has reached 4.75 billion kWh, enough to power more than 2.37 million households for a year.

Per CnEVPost, NIO established its first battery swap station in Shenzhen on May 20, 2018, and has since rapidly expanded its network. It took 29 months to complete its first million swaps. It completed 10 million swaps on July 4, 2022, 50 million on Aug. 5, 2024, 60 million on Dec. 13, 2024, 70 million on April 1, 2025, and 80 million on July 19, 2025. The pace of NIO’s battery swap services is rapidly increasing with an expanding owner base, and the 100 millionth swap is anticipated around January 2026.

In the third quarter of 2025, NIO delivered 87,071 vehicles, up 40.8% year over year, marking a record quarterly high. Cumulative vehicle deliveries reached 872,785 as of Sept. 30, 2025. NIO carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Charging Infrastructure of NIO’s Peers

Tesla, Inc. TSLA operates the world’s largest and fastest-charging network, featuring more than 70,000 Superchargers globally. In September, the company introduced its first V4 Supercharger cabinets, offering triple the power density and twice the number of stalls per cabinet compared to V3 models. This upgrade delivers higher throughput, greater efficiency, lower costs and faster deployment. The V4 Superchargers support charging speeds of up to 500 kW for passenger vehicles and 1,200 kW for the Tesla Semi, making them the fastest truck chargers in the United States. By the end of the third quarter of 2025, Tesla’s Supercharger network included 7,753 stations worldwide.

Per an InsideEVs Global report published on MSN, Rivian Automotive, Inc. RIVN operates more than 120 DC fast charging stations across the United States, most of which are accessible to all EVs. Rivian has around 122 total sites nationwide, 93 open to the public and 29 reserved exclusively for R1S and R1T owners. This marks significant growth from 67 operational locations in February of the previous year.

NIO’s Price Performance, Valuation and Estimates  

NIO has outperformed the Zacks Automotive-Foreign industry, Tesla and Lucid year to date. Its shares have surged 58.3% compared with the industry’s growth of 6%. Shares of Tesla have risen 7.4%, while Lucid has punged 38.8% year to date.

 
From a valuation perspective, NIO appears slightly overvalued compared to the industry. Going by its price/sales ratio, the company is trading at a forward sales multiple of 0.77, higher than the industry’s 0.49. Tesla is trading at a forward sales multiple of 13.62, while Lucid is trading at 2.18.

  
The Zacks Consensus Estimate for NIO’s 2025 and 2026 loss per share has widened by 3 cents and 2 cents, respectively, in the past 30 days. 

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This article originally published on Zacks Investment Research (zacks.com).

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