This is the first project to begin implementation since Nio and FAW Group announced a strategic partnership framework agreement a month ago.
China FAW Group's Hongqi brand is plugged into Nio's (NYSE: NIO) charging network, after the two announced their partnership a month ago.
On June 24, Nio and Hongqi officially entered into a partnership to interconnect their charging networks, the first project since the company and FAW signed a strategic cooperation framework agreement on May 21, Nio said in a statement today.
Hongqi will have access to Nio's charging network, and starting June 24, its users will be able to use Nio's charging stations through the Hongqi App for services including finding Nio's charging station locations, checking prices, charging, and making payments.
On May 22, Nio announced that it had signed a strategic cooperation framework agreement with state-owned automotive giant FAW to collaborate on areas including the establishment of battery technology standards, the development of battery swap-enabled models, battery asset management and operation, and the construction and operation of charging and battery swap networks.
FAW becomes the seventh company to join the Nio-led battery swap alliance, following Changan Automobile, Geely Holding, Chery, JAC, Lotus, and GAC Group.
As Nio gains more battery swap partners, several local electric vehicle (EV) makers have announced their access to its charging network, one of the largest public charging networks in China.
Notably, Nio's charging network has always been open to other brands of EVs. The direct collaboration between other car companies and Nio helps provide a better charging experience.
More than 80 percent of the power provided by Nio's charging facilities serves other brands of EVs, as the company has mentioned several times before.
Previously, Geely Automobile Holdings, Jiyue, SAIC-GM, Deepal, Hyper, IM Motors, Polestar, and GAC Energy have partnered with Nio on charging network sharing.
As of today, Nio has 2,433 battery swap stations in China, of which 804 are located along highways.
It has 2,285 supercharging stations in China providing 10,458 charging piles and 1,595 destination charging stations providing 12,243 charging piles.
Nio Power, or Nio Energy Investment (Hubei) Co Ltd, established in May 2017, is Nio's energy business subsidiary responsible for the construction of its facilities including battery swap stations, charging stations.
On May 31, Nio Power received a RMB 1.5 billion ($207 million) strategic investment from a government investment fund in Wuhan, Hubei province, marking the unit's first outside investment.
Nio did not announce the stake it ceded in Nio Power at the time. The company still owns about 90 percent of Nio Power following the financing, Nio founder, chairman and CEO William Li said on an earnings call earlier this month.
($1 = RMB 7.2615)
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