Nio Opens Second Line Under Power Up Plan: What You Need To Know

Chinese electric vehicle maker Nio Inc. (NYSE: NIO) has set up 12 destination charging stations along the second charging route under its Power Up Plan, cnEVpost reported Monday.

What Happened: Nio on Monday unveiled the second charging route under its Power Up plan announced last year.

The new route, known as one of the world’s best destinations for ecotourism, reportedly covers the mountainous regions of southwestern China from Chengdu via China's National Highway 318.

The first charging route under the Power Up Plan — from Chengdu to Mount Everest — was unveiled by Nio late last year, as per the cnEVpost report.

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Why It Matters: Nio relies on service offerings to make an impact on customers in China and has pioneered the concept of battery-as-a-service, which allows users to rent a battery instead of buying one and helps to trim the cost for EV owners.

In a blog post last September, Nio announced the launch of a new charging service plan named “Power Up Plan” and welcomed partners to jointly deploy 20 kW DC chargers in popular tourist, commercial and recreational destinations in China to expand the fast-charging service network.

See also: How to Buy Nio Stock

Under the plan, Nio intends to deploy more than 30,000 destination DC chargers across China. The company has said it will provide a total of 100 million yuan ($15.7 million) in construction and operation subsidies to partners who are willing to share resources and waive service fees for Nio customers.

Price Action: Nio shares closed almost 0.8% lower on Friday at $38.62.

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Photo: Courtesy of Jengtingchen