Home / Business / Why is NIO Stock going up today?

Why is NIO Stock going up today?

what happened

Chinese electric car manufacturers NIO (NYSE:NEO) moved higher on Monday After the company said it would hold a “NIO Power Day” event next month, “NIO Power” is the company’s name for a series of products and services for charging vehicles.

As of 11 a.m. EDT, shares of NIO’s American depositor were up about 6.7% from Friday’s closing price.

so what?

Chinese electric vehicle news agency CnEVPost reported that NIO has begun inviting journalists from China to attend NIO Power Day on July 9. NIO Power’s “services”, as the company calls it. This includes NIO̵

7;s fast-growing battery network, switch-station, and related services such as home chargers and “Mobile Charging Carts” That Can Help Stuck NIO Owners

The event will mark the 3rd anniversary of the launch of NIO Power, the company said.

Is that why the stock is up today?

The blue NIO ES8 is a large luxury electric SUV.  Inside a company's automatic battery replacement station

The NIO Power offering includes the company’s rapidly growing network of automated battery replacement stations. Image Source: NIO.

what now

Electric car investors are used to companies. that use important days to launch new products and services But I’m not sure if this will fully warrant the excitement. NIO says it is accelerating the launch of new and improved battery replacement stations. And we might see an update on that front, but I (yet) didn’t expect big news from the July 9 event.

For now, I think investors hoping for big news from NIO may have to wait until NIO reports second-quarter earnings. which should be in early to mid-August

This article presents the opinions of writers who may disagree with the advice’s placement. The “official” version of Motley’s premium consulting service, we mix! Investment Thesis Questions Even our only story It helps us all think critically about investing and make decisions that make us smarter. happier and get richer

Source link