has opened 46 NIO Houses and NIO Spaces in commercial real estate projects managed by China Resources.

(Image credit: NIO)

NIO (NYSE: NIO) signed a strategic cooperation framework agreement with China's state conglomerate China Resources to collaborate on a variety of fronts, the electric vehicle (EV) maker said yesterday.

The two signed the agreement on April 26 at an NIO House in Hefei, Anhui province, in the presence of William Li, founder, chairman and CEO of NIO, and Wang Xiangming, chairman of China Resources, according to an article posted on the NIO App.

NIO and China Resources will cooperate in areas including commercial space leasing and construction, charging and battery swap infrastructure investment and construction, campus and community energy management, new material applications, and consumer services, according to the article.

China Resources is a large state-owned enterprise with major businesses in consumer, energy, urban construction and operations, health, industrial finance, technology and emerging industries.

By the end of 2022, China Resources had total assets of more than RMB 2.3 trillion and was ranked 70th on the Fortune 500 in 2022.

NIO started working with China Resources in 2018, opening more showrooms in the latter's operated properties than any other partner.

By the end of March 2023, NIO had opened 46 NIO Houses and NIO Spaces in commercial real estate projects managed by China Resources, according to the article in the NIO App.

The article did not provide more details on the possible future collaboration between the two. For NIO, it will need the support of partners, especially property operators, in increasing the number of showrooms as well as charging and battery swap infrastructure.

NIO has an aggressive plan to add 1,000 battery swap stations and 10,000 charging piles this year to ensure it provides a continuous energy replenishment experience for owners.

"People always think of battery swap when they think of NIO, but we're actually doing a great job with charging facilities as well … we will be determined to build the infrastructure," Li said in a speech at a forum earlier this month.

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