Why NIO Shares Are Trading Higher Today

Benzinga·02/01/2024 13:59:05

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NIO Inc. (NYSE:NIO) shares are trading higher in the premarket session on Thursday.

NIO delivered 10,055 vehicles in January 2024, increasing by 18.2% year-over-year. Cumulative deliveries of NIO vehicles reached 459,649 as of January 31, 2024.

The company said in a press release that January deliveries comprised 6,307 premium smart electric SUVs and 3,748 premium smart electric sedans.

In January 2024, NIO signed strategic partnership agreements with JAC Group and Chery Automobile on battery swapping, following the previously announced cooperation with Changan Automoile and Geely Group.

Additionally, NIO, along with other investors, jointly established Zhongan Energy. Zhongan Energy targets to build 1,000 battery swap stations in China in the upcoming years.

Moving forward, NIO expects to join hands with more partners to collectively contribute towards the development of power network and the wider adoption of battery swapping.

Price Action: NIO shares are trading higher by 2.67% to $5.77 premarket on the last check Thursday.

Photo via Wikimedia Commons

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