Nio (NYSE:NIO) stock is on the move Thursday as reports claim the electric vehicle (EV) company is in talks with Mercedes-Benz (OTCMKTS:MBGYY).
According to insiders who spoke with Reuters about the matter, the two companies have been holding exploratory talks. Investors will remember that Nio founder and CEO William Li mentioned potential talks with Mercedes-Benz earlier this year.
The insiders behind this latest report claim that the talks between Nio and Mercedes-Benz could result in the latter providing funding to the former. This money would be invested in Nio in exchange for the EV company’s technology.
Both Nio and Mercedes-Benz have refused to comment on the reports. It’s worth noting that these talks may not result in a deal. The insiders note that it was Nio that approached Mercedes-Benz and that the German auto manufacturer was hesitant about investing in the Chinese EV maker.
What This Means for NIO Stock
While any kind of deal with Mercedes-Benz would likely help out NIO stock, today’s news seems to suggest nothing will happen. However, it could be that the EV maker has reached out to other automobile companies following these alleged talks with Mercedes-Benz.
NIO stock is up 3.7% as of Thursday morning as some 23 million shares change hands. For comparison, the company’s daily average trading volume is about 61.8 million shares.
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On the date of publication, William White did not have (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.
