Nio Stock Drops as It Opens the Country’s First Battery Exchange Facility

Nio Stock

The price of NIO stock was trading at $16.85 as of Thursday at 09:36 AM EDT.

Before entering the market on October 7, 2022, Nio (NYSE:NIO) opened its first battery swap facility in Germany. The battery exchange station, located in Zusmarshausen, was constructed as a result of a collaboration between NIO and the manager of charging parks, Sortimo.

The facility, which is the equivalent of two garages, will eventually be built to accommodate up to 312 swaps every day. According to NIO, up to 13 batteries can be charged from 40 kW to 80 kW without creating the usual grid peaks. This method is beneficial to the grid and the batteries. Over the coming days, the station will undergo final testing and calibration on the part of the Chinese EV manufacturer.

Nio (NIO) has increased its efforts in Europe and is anticipated to introduce the ET7, ET5, and ES7 on October 7 at the NIO Berlin 2022 event. It has so far formally announced the existence of two battery swap stations in Norway. The third battery swap station the corporation has revealed for international markets is the one in Germany.

In addition, the manufacturer has opened 13 new battery swap locations in China over the previous two days in preparation for the peak travel period surrounding the Chinese National Day vacation. Its battery exchange network now encompasses all of the roadways in the Zhejiang region in eastern China. One thousand of the battery swap stations that NIO plans to operate worldwide by 2025 will be found in foreign markets. NIO’s the U.S. listed shares fell by 3% during premarket hours.

NIO: A Quick Reality Check

NIO stock outlook

The most recent trading day saw NIO Inc. (NIO) close at $17.33, up +0.81% from the previous trading session. This action was behind the daily gain of 1.97% for the S&P 500. The tech-heavy Nasdaq rose 0.24%, while the Dow climbed 1.88% elsewhere.

As of today, the company’s shares were down 13.31% over the previous month, underperforming both the Auto-Tires-Trucks sector’s and the S&P 500’s losses of 6.75% and 9.93%, respectively. In the weeks leading up to its next earnings report, NIO Inc. will try to show strength.

Featured Image – Megapixl ©  Timonschneider

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