好生意自然有人“上车”，蔚来换电背后的万亿级市场诱惑

Core Insights - NIO has invested approximately 18 billion yuan in charging and battery swap infrastructure over 11 years, establishing a network of 8,466 charging and battery swap stations across China, with over 550 cities connected by high-speed battery swap networks [1][3] - The battery swap model, initially viewed as a "heavy asset burden," has gained recognition as the penetration rate of new energy vehicles increases, leading to significant partnerships and collaborations with various state-owned enterprises and energy companies [3][8] - NIO has provided nearly 95 million battery swap services, with around 100,000 users daily, demonstrating the effectiveness and efficiency of the battery swap model as it transitions from a concept to a validated solution [5][10] Industry Trends - The Chinese new energy vehicle market is projected to exceed 16 million units sold by 2025, with the charging market expected to reach a scale of over 100 billion yuan, driven by policies and technological advancements [6] - The goal of achieving a 1:1 vehicle-to-charging pile ratio by 2030 indicates a significant expansion in the charging infrastructure, with the market potentially reaching a trillion yuan scale [6] - NIO's open collaboration model has attracted various partners, including state-owned enterprises, to co-build nearly 200 charging and battery swap stations, highlighting the growing interest in established networks rather than starting from scratch [8][10] Future Outlook - The battery swap sector is entering a value realization phase, with increased interest from capital and industry players, marking a shift from being perceived as a "dumb business" to a promising investment opportunity [10][11] - The narrative around battery swapping is evolving, with the potential for significant market growth as the infrastructure becomes more integrated and efficient, positioning NIO as a leader in this emerging sector [11]