NIO Stock News: Nio Inc recovers from early session losses to close the week higher

NYSE:NIO gained 0.44% during Friday’s trading session.
Nio’s recent Power Day event showcased the power of its charging and battery swap networks.
Nio isn’t out of the woods yet as COVID cases continue to rise in China.

Stocks Reporter FXStreet

NYSE:NIO had a rocky start to the trading day although the Chinese EV maker did manage to rally to a positive finish by the closing bell. On Friday, shares of Nio rose by 0.44% and closed the trading week at $22.60. A better than expected jobs report for the month of June managed to dash any fears of an impending recession for US investors. The NASDAQ posted its fifth straight day of gain as mega-cap tech stocks enjoyed another positive day. Overall the Dow Jones fell by 46 basis points, the S&P 500 edged lower by 0.08%, and the NASDAQ posted a 0.12% rise during the session.

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Nio held its second annual Power Day event recently and revealed some important updates for its charging network and battery swap stations. After announcing its 1 millionth battery swap and 1,000th battery swap station, Nio also revealed that its third generation battery swap technology will be ready to go by the end of this year to the beginning of 2023. Nio also reported that by 2025, it will have battery swap networks on nine vertical highways, nine horizontal highways, and in 19 of the largest urban areas of China.

NIO stock forecast

While Nio investors have celebrated its recent successes, the company is still not out of the woods in terms of the rising cases of COVID-19 in China. Investors are hoping that the weekend will find some reprieve, and that the Anhui Province of China where Nio operates a production facility, will stay clear of any government-imposed lockdowns.

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Stocks Reporter

FXStreet

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