ELECTRIC vehicle (EV) manufacturers NIO Inc. and Xpeng Motors agreed to share charging stations as well as related services and data, seeking to spur EV demand and curb costs.

NIO and Xpeng customers can charge their cars using either companies’ facilities with no extra fees, the companies said yesterday. NIO will also provide home-charger installation services for some Xpeng customers.

The companies are trying to lure buyers as electric car demand wanes in the world’s largest market, partly because of customer concerns over EVs’ limited driving ranges and scarce availability of charging infrastructure. Industry sales in China have slumped for five straight months since the government reduced subsidies for electric cars.

Yet China is among the world leaders in EV adoption, and has about eight public chargers for each one in the United States.

The pact may help the upstarts limit soaring costs as they ramp up production. Each company has sold more than 10,000 cars in China this year, making them among the more established of the country’s hundreds of aspiring EV companies.

Tencent Holdings Ltd.-backed NIO reported a loss of US$2.8 billion in the 12 months ended June on revenue of US$1.2 billion, with its shares plunging more than 60 percent this year. The company is aggressively expanding its sales efforts and taking comprehensive measures to reduce costs, chief executive officer William Li said on an earnings call in September.

Closely held Xpeng Motors said last month it raised US$400 million and has acknowledged the challenge of attracting investors in the sluggish market.

(SD-Agencies)