Nio Inc. (NYSE: NIO) is encouraging owners of electric vehicles equipped with 100 kWh long-range batteries to participate in a battery exchange program in anticipation of the upcoming Chinese New Year and the expected increase in travel. The company is urging its customers to exchange their 100 kWh batteries for standard range 70/75 kWh batteries at battery swapping stations, as reported by CnEVPost citing an announcement in the Nio app. The program will run from January 20th to February 20th, and participants will be rewarded with Nio credits and points. The points are exclusively for community benefits, while the credits can be used for purchases at the Nio online store.
Individuals who share their long-range batteries between January 20th and 31st will receive 200 Nio credits and 2 Nio points daily. From February 1st to 20th, the daily reward will increase to 300 Nio credits, while the number of Nio points will remain the same.
Additionally, customers who participate in the program for 20 days from February 1st to 20th will have a chance to win random prizes worth up to 18,888 Nio credits. This means potential earnings of up to 27,288 Nio credits, equivalent to 2,728.8 yuan ($379.25), according to the report.
Why It Matters: Battery swapping technology, as opposed to the common practice of electric vehicle charging, allows for the exchange of depleted batteries for fully charged ones within minutes, aiming to reduce the waiting time associated with charging electric vehicles.
The first day of the Chinese New Year falls on February 10th, and the holidays will last until February 17th, with an expected increase in travel.
Note: This article was partially developed using Benzinga Neuro and was reviewed and published by Benzinga editors.
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