NIO is one of the new carmakers in China, driving innovation in autonomous driving and artificial intelligence, charging solutions, and recently developing batteries to reach revenue of CNY 36.1 billion by 2021, ranking top among the new carmakers. The company established XPT to develop technology for power components. XPT, a subsidiary of NIO, has already built 1,011 battery swapping stations in China and plans to build over 4,000 ones worldwide by 2025.