Tomorrow, Nio (NYSE:NIO) will hold its third Power Day event in Beijing, China. During the event, Nio will disclose details concerning its power-up layout plan and updates on its products and services. Last year, Nio unveiled its 500-kW ultra-fast charger and teased its third-generation battery swap station at Power Day.
The Chinese electric vehicle (EV) company did not provide any further information about the event, although many expect it to reveal details about its new 150 kilowatt-hour (kWh) semi-solid-state battery pack. Back in May, CEO William Li announced that the battery back would be available in July. He also stated that Nio’s ES6 SUV has a range of 930 kilometers, or about 578 miles, when outfitted with the battery.
NIO Stock: Nio Expected to Unveil New Battery Pack at Power Day
In addition, Nio has already updated the owner’s manual for its vehicles to include specifications for the 150-kWh battery, making it more likely that it will be revealed tomorrow. The battery pack carries a weight of 575 kilograms, about 3.6% heavier than its 100-kWh battery pack.
At the same time, shares of NIO stock have had a disappointing performance this year. NIO is up by about 11% year-to-date, although that return is far less impressive when you factor in the S&P 500’s return of 19% and the Nasdaq 100’s return of 45%.
Last month, Nio reported that it delivered 10,707 vehicles, down by 17% year-over-year (YOY). For the three months ended June 30, the company’s deliveries totaled 23,520 vehicles, down by 6% YOY. During June, it launched the new ET5 Touring and ramped up production of its ES8 flagship SUV. Shareholders are hoping that new investor CYVN Investments can help propel Nio back to positive growth status.
Last week, Nio confirmed the closing of CYVN’s $738.5 million investment. CYVN is owned by CYVN Holdings, which is majority-owned by Abu Dhabi’s government. For its investment, CYVN received 84.69 million shares of NIO at $8.72 per share and promised to retain its position for at least six months. Furthermore, CYVN also received 40.13 million shares from Tencent (OTCMKTS:TCEHY) through a stock purchase agreement. The investment firm now owns a 7% stake in NIO following the closing of both transactions.
On the date of publication, Eddie Pan 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.
