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Nio Inc (NYSE:NIO) delivered a batch of police cars in Qingdao, in eastern China's Shandong province, cnEVpost reported on Thursday, citing electric vehicle maker’s app.
What Happened: Nio delivered eight mid-size, 5-seater sports utility vehicle ES6s as police cars to the Laoshan District of Qingdao. The vehicles were delivered with a ceremony to mark the occasion, as per the report.
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The electric vehicle maker also added a new battery swap station and a 180-kw supercharging pile in Qingdao.
See Also: Nio Inks EV Supply Deal With Chinese Government: What Investors Need To Know
Nio had signed a strategic cooperation agreement with Guoxing Auto Service Center in Beijing to cooperate on car purchasing services for local Chinese central state agencies, central enterprises and other quasi-governmental organizations, in July.
Volkswagen AG's (OTC:VWAGY) Audi is reportedly the preferred choice for the Chinese government fleet. Nio could stand to gain if it secures larger orders from the Chinese government agencies.
Price Action: Nio shares closed 2.46% lower at $39.67 a share on Wednesday.
See Also: Nio To Relocate Battery Swap Station Facing Forced Demolition By City Administration
Photo: Courtesy of Jengtingchen via Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.