China EV maker Nio has completed 40 million battery swaps so far

BEIJING (Reuters) – Chinese electric vehicle maker Nio has completed 40 million battery swaps so far, CEO William Li said on Thursday.

Nio is one of a handful of EV makers betting on battery swapping as a major power option for EVs.

Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle into a charging point.

(Reporting by Sarah Wu in Beijing; Editing by Kim Coghill)