NIO signs deal with Sinopec, the latter aims to have 5,000 charging and battery swap stations by 2025-CnEVPost

NIO signed a strategic partnership agreement with fossil fuel energy giant Sinopec on Thursday, marking another milestone for the electric vehicle company.

NIO's first second-generation battery swap station, the company's 201st battery swap station in the world, went live at a Sinopec gas station in Beijing on Thursday.

NIO CEO William Li said the two companies will provide a better refueling experience for smart electric vehicle users through this partnership.

"Sinopec's determination to invest in green energy services will encourage more car users to choose new energy vehicles," Li said.

Sinopec Chairman Zhang Yuzhuo said the company is accelerating its transformation into a comprehensive energy service provider, with plans to reach 5,000 charging stations and battery swap stations by 2025.

This cooperation will help leverage the strengths of both companies in order to deepen cooperation in a wider range of areas, Zhang said.

What needs to be made clear is that 5000 is Sinopec's target for the next five years. It is not known how much charging infrastructure NIO will build with the fossil fuel giant.

Compared with the first-generation battery swap stations, the second-generation battery swap stations will be cheaper to build and will have 13 more batteries.

With the launch of the second-generation battery swap station, NIO is expected to accelerate the layout of battery swap stations to alleviate the current problem of tight resources for battery exchange.

Sinopec, with a registered capital of RMB 326.5 billion, is the largest supplier of refined oil products and petrochemicals and the second-largest oil and gas producer in China, as well as the world's largest refining company and the third-largest chemical company.

The fossil fuel energy giant has more than 30,000 gas stations, ranking second in the world after Shell. It is ranked No. 2 on the 2019 Fortune 500 list of the world's largest companies.

NIO CEO William Li said NIO's first second-generation battery swap station and the company's 201st battery swap stations went online Thursday at a Sinopec gas station in Beijing.

NIO's first second-generation battery swap station was officially opened at a Sinopec gas station in Beijing on Thursday.

Compared with the first-generation battery swap station, the second-generation battery swap station will be cheaper to build and the number of batteries will be increased to 13.

With the launch of the second-generation battery swap station, NIO is expected to accelerate the deployment of battery swap stations to alleviate the current pressure of tight resources for battery exchange.

NIO signs deal with Sinopec, the latter aims to have 5,000 charging and battery swap stations by 2025-CnEVPost

NIO signs deal with Sinopec, the latter aims to have 5,000 charging and battery swap stations by 2025-CnEVPost

 

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