What's Going On With Nio Stock?

NIO Inc NIO shares are moving higher Thursday. New reports indicate the company has entered into new strategic battery swap agreements.

What Happened: According to a CnEVPost report, Nio inked a new cooperation agreement with Anhui Province Energy Group (or Wenergy) and Anhui Transportation Holding Group to help build a shared energy storage, charging and battery swap system.

The companies will support newly formed company Zhong’an Energy, which was established this week with the support of the Anhui government, in building 1,000 charging and battery swap stations. The three parties will also cooperate on other projects involving energy storage, charging, battery tech, equipment manufacturing and more.

Nio also reportedly entered into a battery swap collaboration agreement with Anhui Jianghuai Automobile Group (JAC) and Chery aimed at enhancing charging and battery swap infrastructure in Anhui.

Nio recently unveiled its fourth-generation battery swap stations at its Nio Day event. The company plans to begin building the new shared battery swap network this year.

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NIO Price Action: Nio shares were up 1.89% at $7.55 at the time of publication, according to Benzinga Pro.

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