Despite reporting another record month of electric vehicle (EV) deliveries yesterday and more good news since, Nio (NYSE:NIO) stock has been down in trading today, suggesting an opportunity to buy the dip for bullish investors.
cnEVpost is a business publication dedicated to covering Chinese EV companies, and reported today that Nio would be partnering with Red Star Macalline Group to build 60 charging and battery swapping stations.
Compared to Tesla (NASDAQ:TSLA) charging stations, Nio’s offerings have an emphasis on battery swaps, wherein a driver trades their drained battery for a freshly charged one, rather than having to wait for the battery to charge.
cnEVpost additionally reported today that top Chinese investment bank CICC expects Nio to benefit from strong demand ahead of Chinese New Year.
In the Tuesday report, the bank said “excellent user experience and word-of-mouth effect” were big drivers of new customer acquisition. Furthermore, “CICC remains unchanged on NIO’s earnings forecast and maintains its $85 price target.”
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.
