NIO Stock Price and Forecast: Flat despite report of over 1 million battery swap milestone

NYSE:NIO gains 0.14% on Friday to close the week with little change from Monday.
NIO announces over 1 million battery swaps have already taken place since the program started.
NIO unveils new company headquarters in Hefei City, China.

Stocks Reporter FXStreet

NYSE:NIO opened the week at $21.50 and proceeded to end the week at $21.47 making this one of the flattest weeks the stock has experienced in months. No movement is not a bad thing for a stock and things may remain relatively quiet for NIO as the Chinese automaker heads towards its quarterly earnings call at the beginning of November. NIO is expected to report record sales and vehicle deliveries as well as hitting the landmark of one million battery swaps by the beginning of October. Shares are still up over 400% year to date, so investors cannot really complain about an uneventful week once in a while.

The one million battery swaps is not the only landmark that NIO was able to hit this week as the electric vehicle maker unveiled its brand news headquarters in Hefei City, China. NIO is beginning to build its roots in China and has already announced plans to team up with local company Hefei Charge to build more battery swapping facilities around the country over the next two years. NIO Power is also preparing to launch its second-generation battery swap stations at some point in 2021 which will increase efficiency and be more user-friendly.

NIO stock news

Despite these announcements, NIO remained relatively unchanged to close the week. The expected financial savings from the one million battery swaps is somewhere in the neighborhood of 100 million yuan, or about $15 million U.S. The next generation in battery swap stations is exciting and can only improve NIO’s appeal in its domestic market moving forward.

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FXStreet

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