Nio (NYSE:NIO) stock is on the move Friday after the company revealed plans for battery swapping stations today.
A Nio (NIO) sign and logo on a tan concrete building.
Source: Sundry Photography / Shutterstock.com
The battery swapping stations news comes directly from Nio president Qin Lihong. He claims that the company will have as many as 700 of these stations ready to go around the world by the end of the year.
The positive news for NIO stock doesn’t stock there. Qin Lihong says that the company is also moving forward with plans for even more battery swapping stations. This has the company estimating for 4,000 of these locations by the time 2025 rolls around, reports Reuters.
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The announcement from Nio is some much-needed good news for the company’s stock. Shares of NIO have been down the last few days as several markets suffered alongside the stock market. The electric vehicle (EV) market was among them with Tesla (NASDAQ:TSLA) and Churchill Capital (NYSE:CCIV) also seeing shares fall.
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As for how the announcement is affecting NIO stock today, trading volume is currently at decent levels. As of this writing, more than 21 million shares of the stock have changed hands. That’s a solid move toward the company’s daily average trading volume of about 71 million shares.
NIO stock started off Friday strong with shares up 2.4% from yesterday’s close. However, the stock is now dipping slightly lower as of later in the morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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