Benzinga | Oct 28, 2021 02:40AM EDT

Nio Said To Complete Construction At First Battery Swap Station In Norway

Chinese electric vehicle maker Nio Inc's (NYSE:NIO) first battery swap station in Oslo, Norway has completed construction and is expected to open soon, cnEVpost reported on Wednesday, citing sources.

What Happened: Nio has said it plans to open the first four second-generation battery swap stations in Norway this year.

Nio Power in Oslo completes construction. Photo: Courtesy of cnEVpost.

The Shanghai-based Nio started shipping electric vehicles to Norway in July and aims to establish a presence across Europe.

See Also: Nio Prices ES8 SUV Lower In Norway Than Home Country China, Unveils Nio House In Oslo: What You Need To Know

Why It Matters: Nio said last month it aims to have 20 Power Swap Stations in Norway by the end of 2022. The automaker has launched the ES8 electric sports utility vehicle and opened a Nio House in Oslo.

The electric vehicle maker has also introduced the battery-as-a-service starting with the 100 kWh battery option.

Price Action: Nio shares closed 2.87% lower at $39.31 a share on Wednesday.

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