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We also believe NIO’s Battery-as-a-Service (BaaS) Power Swapping Stations in Europe have yet to reflect returns on earnings, and we expect demand tailwinds from NIO’s PSS expansion to take place in late FY2023.
Source: https://seekingalpha.com/article/4584635-nio-dont-let-4q22-scare-you-off?source=feed_all_articles