Can NIO Monetize Its 100M Battery Swap Milestone in 2026?

Chinese electric vehicle (EV) maker NIO Inc. NIO reached a milestone in its energy services business last week by completing its 100 millionth battery swap. The achievement comes less than eight years after the company opened its first swap station in Shenzhen in May 2018, marking one of the most rapid adoptions of battery-swap technology in the EV industry.

The milestone highlights both the technical visibility and commercial success of NIO’s battery swapping model. The system allows compatible vehicles to replace a drained battery with a fully charged one in about three minutes — significantly faster than the most advanced DC fast chargers. This time-saving benefit has supported rapid network expansion, particularly in China, where NIO now operates more than 3,700 battery swap stations.

In total, the 100 million swaps delivered 5.28 billion kWh of energy. According to the company, users collectively saved 83.41 million hours (compared with traditional refueling) and reduced energy costs by more than RMB 26.3 billion compared to gasoline vehicles.

The environmental impact has also been notable, with cumulative carbon dioxide emissions reduced by more than 4,169.5 tons — equivalent to the annual carbon absorption of roughly 167,000 trees. The rapid expansion of NIO’s swap network highlights the growing importance of energy services in the company’s long-term strategy.

Beyond speed and scale, NIO emphasizes battery health and service reliability. Each swap includes comprehensive battery inspection and monitoring, helping ensure safety while optimizing battery lifespan. NIO’s swap stations support grid interaction and load shifting of more than 740 million kWh, easing pressure on electricity grids and improving overall energy efficiency.

Since opening its first swap station in 2018, NIO has installed 3,790 Power Swap Stations worldwide. In China alone, it has built 1,020 stations along major highways, helping NIO and ONVO users travel long distances without worrying about running out of charge.

NIO plans to build 1,000 additional Power Swap Stations in 2026. The company also aims to expand its “Power Journeys” network to 100 routes and extend battery swap coverage along the Silk Road, further enhancing the convenience and accessibility of long-distance EV travel.

The 100 millionth battery swap reinforces NIO’s strategy of making battery swapping a key competitive advantage in the EV market. As it expands its network further in 2026, the long-term scalability and profitability of the model will be closely watched.

Competitive Context

Ford Motor Company F has recently expanded the availability of its “Plug & Charge” automated charging feature to IONNA charging stations and begun rolling it out across its Ford Charge dealership network in North America, making charging simpler and more seamless. Drivers no longer need to start sessions manually at supported sites. This rollout is ongoing, with plans to complete installations at 330+ Ford dealerships with 1,200+ fast chargers by early 2026.

The BlueOval Charge Network continues to integrate many public charging partners, including Tesla Superchargers, Electrify America, and others, providing broad DC fast-charging access via a single account. The network now supports nearly 90 % of public DC fast chargers across the United States and Canada with Plug & Charge compatibility.

Tesla TSLA supercharging network set a new all-time quarterly expansion record in fourth-quarter 2025, adding more Supercharger stations and connectors than ever before. In the quarter alone, the company grew to 8,182 global charging stations and 77,682 stalls, up roughly 17.3% year over year. The net increase in connectors during the fourth quarter was slightly higher than the previous records, and overall charging throughput and usage continued to climb.

Despite strong growth throughout 2025, total yearly expansion didn’t surpass the 2023 mark. This milestone highlights Tesla’s ongoing commitment to expanding fast charging infrastructure worldwide.

The Zacks Rundown for NIO

Shares of NIO have gained 11% in the past six months compared with the industry’s growth of 11.8%.

From a valuation standpoint, NIO trades at a forward price-to-sales ratio of 0.51, below the industry and its own five-year average. It carries a Value Score of D.

See how the Zacks Consensus Estimate for NIO’s earnings has been revised over the past 90 days.

NIO stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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

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