- NYSE: NIO fell by 4.81% during Wednesday’s trading session.
- Beijing is considering new subsidies to help domestic EV makers.
- Nio drivers will have access to Europe’s Plugsurfing charging network.
NYSE: NIO gave back some of its gains from earlier in the week as US markets reversed course during Wednesday’s session. Shares of Nio dropped by 4.81% and closed the tumultuous trading day at $15.83. What a difference a day can make for the markets. All three major indices tumbled on Wednesday as weak retail numbers from WalMart (NYSE: WMT) and Target (NYSE: TGT) spoke volumes of the level of inflation in the US economy. The Dow Jones plummeted by 1,164 basis points, its fifth drop of 800 or more basis points in the past month. The S&P 500 sank by 4.04% and the NASDAQ extended its weakness by losing 4.73% during the session.
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As China’s economy begins to open back up following the most recent round of COVID-induced lockdowns, Beijing is contemplating helping both consumers and domestic companies. Earlier this year, the subsidies for buying domestically made electric vehicles was reduced, with 2022 being the final year they were available. The government now seems to be considering extending the program past 2022, as well as delaying a proposed purchase tax for new EVs that is set to come into effect in 2023.
NIO stock price
In Nio Europe news, drivers will now have access to Europe’s Plugsurfing charging network. Plugsurfing has over 300,000 chargers across the continent, and the charging interface will be integrated directly into the Nio key and dashboard. These charge ports are paid charging stations, so Nio will be able to pay directly from inside the vehicle, rather than needing to download a third party application.
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