What if, instead of seeking out a charger and plugging in for half an hour, you could swap out your depleted EV battery for a new one in just five minutes? That’s the question asked by Nio, a 7-year-old Chinese electric car company with a network of more than 1,300 battery-swap stations for doing exactly that.
However, the vast majority of these stations are in China, with 100 in Shanghai alone, serving customers who mostly live in apartments and lack the space to install a charger at home. Customers buy the car but lease the battery, with the monthly fee granting them access to
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