Chinese electric vehicle startup Nio, Inc. NEVERwho contributed significantly to it Popularization of battery changing as opposed to battery charging, seems to rely on technology.

What happened: Nio has re-set its goals for battery swapping stations and expects to add 1,000 in 2023, the CEO said William Li in a post in the Nio app on Tuesday, after to CnEVPost. This is an increase from the announced target of 400 stations Nio Day 2022 takes place at the end of December.

If the increased target is met, the company would operate a total of about 2,300 stations by the end of 2023, Li said. The executive sees 400 of the new battery swapping stations at highway rest stops or near highway entrances, while the rest will be set up in urban areas.

Li also noted that the company would aim to set up battery swap stations in third- and fourth-tier cities in China, as well as countries that have a certain number of users but no swap stations.

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Why it matters: While Nio provides home chargers, public charging, and mobile charging to its users, its battery swapping stations are very popular among its users. The company advertises it as a service that only takes three minutes to swap out with a fully charged battery.

EV pioneer Tesla, Inc. TSLA, but vouches for charging the battery. It offers a range of options including home chargers and Level 3 charging, also known as DC fast charging, which is done via a 480 volt DC plug in public places. Tesla also has its own network of charging stations called Superchargers.

Incidentally, in 2013 Tesla tried battery swapping technology for its Model S vehicles, but didn’t implement it.

Nio’s NYSE-listed ADRs closed Friday’s session at $10.19 Benzinga Pro data.

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