Nio sets daily record with 183,664 swaps as LGES posts record profit

Nio Inc provided nearly 1.2 million battery swaps during the seven-day National Day holiday in China, according to a report released on Friday, October 9. The company's network of 4,168 swap stations handled the surge in travel demand, with the daily average rising 22% year-on-year.

The peak occurred on October 5, when daily swaps reached 183,664. This figure broke the previous record of 177,627 set during the Spring Festival peak in February. Nio stated that a vehicle completed a swap and departed every 0.47 seconds on average at this peak demand.

This infrastructure strain is part of a broader shift in how electric vehicles are maintained and powered. While passenger cars rely on swap stations or chargers, industrial and specialized vehicles are adopting different battery management strategies to minimize downtime.

Industrial applications adopt hot-swapping

AMT, a Dutch equipment brand, co-developed a series of battery electric rail excavators with construction firm Royal BAM. The TW series machines, available in 18 to 24 metric tonne classes, utilize a 600V electrical system. According to Electrek, these vehicles pack four 90 kWh battery packs for a total of 360 kWh. The critical feature is the ability to hot-swap batteries. A second machine can replace a depleted pack while the excavator continues working on the remaining batteries. This allows crews to keep operating on the rails without waiting for charging. The same modular 90 kWh packs are shared across various AMT machines, reducing the total capital investment in battery hardware.

Port operators are seeing similar benefits. The Port of Helsingborg in Sweden ordered two Kalmar ERG450 electric reach stackers, marking the first all-electric reach stacker order from Kalmar in Sweden. Christina Argelius, the port's Chief Technical Officer, noted that replacing diesel machines in a structured way sets a strong industry benchmark. The shift is driven by lower emissions, reduced noise, and the volatility of diesel fuel costs.

These operational models suggest that battery swapping is not limited to passenger cars but is becoming a standard solution for heavy machinery where downtime is costly.

Supplier earnings reflect market divergence

On the supply side, LG Energy Solution (LGES) posted record quarterly earnings in the third quarter. The company's revenue grew 59% year-over-year to $7.21 billion, with operating profit rising 25% to $565 million, according to a filing in South Korea reported by InsideEVs. LGES slowed its electric vehicle battery production in North America due to lower demand. However, losses from that slowdown were offset by strong growth in energy storage batteries for data centers and grid upgrades. The company's plant in Poland also benefited from record EV sales in Europe, particularly from Volkswagen and Renault. LGES is expanding its supply chain in North America. The company signed a multi-year offtake agreement with Elevra Lithium to receive 240,000 metric tonnes of raw lithium concentrate from a mine in Quebec. Additionally, LGES opened a $2 billion gigafactory in Lansing, Michigan, in August, where it produces energy storage batteries for Tesla and EV batteries for Toyota.

Market data from SNE Research shows that CATL and BYD continue to dominate the global EV battery market. From January to August 2026, CATL held a 39.4% share with 333.0 GWh of installations, while BYD held 15.1% with 127.9 GWh. LGES ranked third with an 8.1% share, down from 9.6% a year earlier.

Policy and infrastructure developments

Government policy is also shaping the battery landscape. In South Africa, the government announced plans to procure 4.6 GW of battery storage and 5 GW of gas-fired power plants. This move aims to address curtailment and strengthen reliable electricity supply under the Integrated Resource Plan 2025.

In China, the Ministry of Industry and Information Technology released a five-year battery industry plan targeting large-scale use of all-solid-state batteries by 2030. The plan emphasizes breakthroughs in advanced electrode materials and high-end auxiliary materials. It also calls for improving sodium battery performance and supporting corporate mergers to enhance supply chain security.

Meanwhile, the US Department of War awarded Amprius Technologies a $75 million grant to convert a civilian EV battery production line for military drone use. The grant, part of the Industrial Base Analysis and Sustainment Program, aims to establish high-volume, commercially viable US manufacturing for advanced battery systems that power unmanned aerial systems.

These diverse developments highlight that the electric vehicle battery ecosystem is no longer defined solely by consumer car sales. It is now driven by industrial efficiency, grid storage needs, military applications, and national supply chain security. The data from Nio's holiday swap surge and LGES's financial results confirm that demand remains high, even as the composition of that demand shifts.