NIO (NYSE: NIO) stock jumped during intraday trading Thursday, with reports indicating that its charging network has expanded to include IM Motors, the electric vehicle unit of SAIC Motor Corp.
What Happened: Nio’s energy business, Nio Power, has reportedly partnered with IM Motors to integrate their charging networks on Thursday. This collaboration will enable IM Motors customers to access Nio’s extensive charging infrastructure through the IM Motors App or their vehicle’s onboard charging map.
This marks the second significant partnership for Nio’s network this month, following a similar agreement with GAC Aion’s Hyper brand. These collaborations highlight Nio’s strategic efforts to enhance the accessibility and convenience of its charging services. Nio has reportedly built one of the largest charging networks in China, boasting 3,863 charging stations nationwide.
What’s Next: Investor attention is increasingly focused on Nio’s forthcoming earnings report scheduled for June 6. The earnings release will provide valuable insights into Nio’s recent financial performance and growth trajectory, offering investors a glimpse into the company’s strategic direction and market positioning amidst a dynamic and competitive EV landscape.
Analyst estimates compiled by Benzinga Pro expect a loss of 31 cents per share and revenue of $1.48 billion for the reporting period.
NIO (NYSE: NIO) Stock Reaction
On Thursday, NIO stock surged 9.53%, closing at $5.40, marking a 3.05% increase for the week. The trading volume was 69,440,016 shares, significantly higher than the average daily volume of 56.58 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
