Nio

The EV maker aims to have 500 battery swap stations in China by the end of this year.

Firms like Nio, Li Auto, and Xpeng have since made significant progress to challenge Tesla.

With 17,353 vehicles in the fourth quarter, the firm set a new delivery record.

Xiaomi founder Lei Jun would lead the new EV team. He has backed both Nio and Xpeng through his venture capital firm Shunwei Capital.

The Hongguang Mini EV is the cheapest electric car in China.

Li Auto and Xpeng also report record-breaking numbers.

As China’s EV charging network approaches 2 million stations, both public and private operators are looking to expand their footprint, while battery swapping may offer a convenient alternative.

The new capital can fully fund the production of the FF 91 model, the company says.