Chinese electric vehicle maker Nio is doubling down on its battery swapping technology. The company plans to open 1,000 new battery swapping stations in 2024. This move follows a $2.6 billion investment in the technology. Nio has reached a milestone of 100 million battery swaps so far. Despite this success, fast-charging batteries are growing popular and reducing the speed advantage of swapping. An analyst said fast charging is challenging the technology. Still, Nio remains committed to expanding its swapping network to serve more EV drivers.