Sinopec, Nio sign deal on battery swapping stations

China's oil giant China Petrochemical Corp, better known as Sinopec, signed an agreement with Chinese electric carmaker Nio for a strategic cooperation on battery swapping stations on April 15.

Both sides will come up with various measures in fields of the battery swapping station layout, new material as well as intelligent vehicles, to jointly push forward the country's new energy vehicle development, said Sinopec.

NIO's first Power Swap Station 2.0 was officially launched at a Sinopec's service station in Beijing, a move that will tap the potential of both sides and be a milestone of the country's electric vehicle development, said the company.

According to Sinopec, without getting off their cars, passengers can finish the battery swapping service by simply pushing a button. The battery swapping station can provide 312 times of battery swapping services each day and effectively improve users' swapping experience.

Zhang Yuzhuo, chairman of Sinopec, said the company is stepping up diversifying its business layout including gas, hydrogen as well as non-oil business. It vows to come up with 5,000 battery swapping stations during the 14th Five-Year Plan period.