NIO Inc.

Battery swapping is the bet that sets NIO apart from other electric-vehicle makers. The Shanghai company, founded in 2014, sells premium sedans and SUVs but lets owners drive on a subscription and swap a depleted pack for a charged one at automated stations in minutes, rather than waiting at a charger. That model lowers the sticker price of the car and creates a recurring service relationship, though building the swap network is expensive and has kept NIO deeply unprofitable. It sits in the crowded, price-competitive Chinese EV market against BYD, Tesla and a field of local startups, and has pushed downmarket with cheaper sub-brands to lift volume. NIO has also branched into products like a smartphone designed to pair with its cars. Whether the swap-station strategy can scale into profit remains the central question for the stock.

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