What's Going On With NIO Shares Friday?

Zinger Key Points
  • NIO unveiled partnership with GAC on charging networks.
  • Q1 2024 revenue for NIO drops 7.2% YoY, down 42.1% from previous quarter, missing analyst estimates.

NIO Inc. NIO shares are trading slightly higher in the morning session on Friday.

Yesterday, NIO reported fiscal first-quarter 2024 revenue of 9.91 billion yuan ($1.37 billion), down by 7.2% year-over-year and down by 42.1% from the previous quarter. Analysts, on average, estimated revenue of $1.48 billion for the quarter.

Check This Out: EV Maker Nio’s Q1 Deliveries Fall 40% From Q4, Stock Slides

Excluding share-based compensation expenses, the company reported an adjusted loss per share/ADS of (2.39) yuan or ($0.33) compared to (2.51) yuan in the year-ago quarter and (2.81) yuan in the fourth quarter of 2023. Analysts had called for a loss of $(0.31) per share

Reportedly, the Chinese EV manufacturer and GAC Group‘s energy units have forged a charging network-sharing partnership, marking the first significant progress since their collaboration agreement a month prior.

On June 7, Nio Power and GAC Energy officially finalized a charging network sharing partnership, aiming to establish dynamic data sharing between their platforms, enabling mutual interoperability of charging facilities, CnEV Post reported, citing a statement from Nio.

This partnership marks the initial achievement following Nio and GAC Group’s strategic cooperation on charging and battery swap signed on May 8.

It aims to offer users comprehensive, efficient, and user-friendly charging services on both platforms, CnEV Post added.

Between June 7 and June 30, users from both parties can benefit from discounts of up to 30% when utilizing the charging stations of the other party.

Nio and GAC inked a strategic cooperation agreement on charging and battery swap in Guangzhou on May 8, with the latter’s headquarters located there.

The collaboration encompasses various areas, including battery standards, vehicle R&D, customization, battery asset management and operation, as well as power-swap network development and operation.

Price Action: NIO shares are trading higher by 0.71% to $4.945 at last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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