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MARKETS LIVE BLOG:

STOCKS SHED GAINS, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

China's Geely to set up 5,000 battery swapping stations by 2025

Reuters
Updated
The Geely logo is seen at a car dealership in Shanghai

BEIJING (Reuters) - China's Geely aims to set up 5,000 battery swapping stations for electric vehicles (EV) globally by 2025, as sales grow in the world's biggest vehicle market, the automaker said in a statement on Sunday.

A battery swapping station allows drivers to change car batteries to power the rides. Chinese automaker Nio Inc plans to have 4,000 battery swapping stations globally by 2025.

China is promoting EV-related infrastructure facilities, including charging stations and battery swapping stations.

(Reporting by Yilei Sun and Brenda Goh; Editing by Clarence Fernandez)