Nio Shares Are Charging Higher Thursday: What’s Going On? – NIO (NYSE:NIO)

May 30, 2024

37 1 minute read

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May 30, 2024 1:56 PM | 1 min read

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NIO Inc. (NYSE:NIO) shares are trading higher Thursday. The company’s charging network now reportedly includes SAIC Motor Corp’s EV unit IM Motors as Nio continues to strengthen its presence in China’s electric vehicle market.

What’s Going On: According to media reports, Nio’s energy business Nio Power entered into a partnership with IM Motors to integrate their charging networks on Thursday. The collaboration will allow IM Motors customers to access Nio’s charging infrastructure through the IM Motors App or the vehicle’s onboard charging map.

IM Motors is the second EV manufacturer to join NIO’s network this month, following GAC Aion’s Hyper brand, underscoring Nio’s strategy to enhance the accessibility and convenience of its charging services. Nio has reportedly built one of the largest charging networks in China with 3,863 charging stations in the country.

What’s Next: Investors are looking ahead to Nio’s upcoming earnings report next week, scheduled for June 6. The company is estimated to report a loss of 31 cents per share and revenue of $1.48 billion, according to estimates from Benzinga Pro. Investors will be watching for further insights into Nio’s recent financial performance and growth trajectory.

NIO Price Action: Nio shares were up 9.33% at $5.40 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.