NIO (NYSE:NIO) is the talk of the electric vehicle world and Wall Street lately ahead of its anticipated solid-state battery release. Unfortunately, NIO stock had a tough time keeping pace with the company’s cheery spirits, trending down 7% Friday on a dreary day for the markets.
What’s Going on With NIO Lately?
Well, fans of the EV maker can look forward to an exciting new battery upgrade coming in the fourth quarter of 2022. The Chine car company is set to offer a 150 kWh solid-state battery, to both new and existing NIO car owners. Unlike traditional lithium-ion batteries containing a liquid electrolyte, the new batteries will contain a solid electrolyte, with an anode made from silicon-carbon composite and nickel cathode. New NIO models will come standard with the upgraded batteries. Fear not, however, preexisting owners are able to easily swap in the new batteries, on a permanent, or monthly basis. In fact, NIO has completed more than 10 million battery swaps so far. A remarkable feat, especially given NIO produced its 200,000th electric vehicle just this year.
The new battery will dramatically improve NIO models’ efficiency. The NIO ES8 will see its driving range jump from 293 km (182 mi) to 828 km (528 mi). Meanwhile, the Es6 will go from 610 km (379 mi) to 900 km (559 mi), and the ET7 from 675 km (419 mi) to more than 1,000 km (621 mi). It’s a substantial improvement, one that NIO fans are surely pleased to hear.
What else do you need to know about NIO stock?
NIO Stock Slides Following Tesla’s Strong Earnings
NIO investors may be somewhat disappointed by Friday’s drop, especially given the good tidings this week. The entire tech sector jumped Wednesday after Tesla’s (NASDAQ:TSLA) surprise earnings win. Elon Musk’s brainchild managed to surpass expectations for earnings per share. Indeed, Tesla reported adjusted EPS of 2.27, compared to $1.81 expected, on revenue of $16.93 vs estimates around $17.1 billion.
Musk also assured investors the company’s demand has held strong and that it expects its supply chain concerns are coming to a swift end.
The report boosted Wall Street on Thursday, including many EV makers, like NIO. Shares of NIO jumped more than 2% Thursday, as the tech-centric Nasdaq enjoyed similar gains. Unfortunately, today’s surprise bearish wave largely erased most of this week’s gains. Whether NIO is able to regain its earlier momentum ahead of its exciting new battery release, remains to be seen.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.