What's Going On With NIO Stock Today?
Nabaparna Bhattacharya 2 years ago
EquitiesNewsMarketsMoversMediaGeneral
NIO is reportedly adjusting its battery swap model and will report Q2 2024 results on Thursday, September 5, 2024, before the open of the U.S. markets.
NIO Inc. (NYSE:NIO) shares are trading lower on Tuesday in the premarket session.
According to Benzinga Pro, NIO stock has lost over 62% in the past year. Investors can gain exposure to the stock via KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS) and Invesco Golden Dragon China ETF (NASDAQ:PGJ).
The company is set to adjust its charging model for its flagship battery swap service in China, aiming to balance cost with user experience as the service gains traction, CnEV Post reported.
A user briefing on these changes will be held on Friday, September 6, at 7 pm Beijing time, as announced on the NIO App today, the report read.
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Additionally, as stated in the company’s announcement on August 22, Nio will release its unaudited financial results for the second quarter on Thursday, September 5, 2024, prior to the opening of U.S. markets.
Nio inaugurated its first battery swap station in Shenzhen on May 20, 2018. As of yesterday, the company has expanded to 2,500 such stations in China and operates 54 stations in Europe, CnEV Post added.
On August 5, Nio achieved a cumulative total of 50 million battery swap services.
In August 2024, NIO delivered 20,176 vehicles, including 11,923 premium smart electric SUVs and 8,253 premium smart electric sedans. As of August 31, 2024, NIO’s total cumulative deliveries reached 577,694 vehicles.
Price Action: NIO shares are down 0.51% at $4.02 premarket at the last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.