Nio shares surge over 20% in early trade in SGX mainboard debut

CHINESE electric vehicle (EV) maker Nio expects its unique battery swapping technology will help grow its market share as it expands globally.

Nio founder and chief executive William Li believes the company's battery swaps are a unique attraction because EV drivers can spend less time at charging stations. They can also choose different battery capacities to suit their own needs.

Li said Nio will build basic battery swapping facilities in all the markets it enters, before it starts selling its cars. The company used this go-to-market plan in its first global expansion to Norway last year. Similar plans are already in motion in Germany, the Netherlands, Sweden and Denmark.