NIO stocks rise as they announce plans for 3,700 new swap-stations
The shares of NIO firmed on Monday after the Chinese electric vehicle company listed its plan to add 3,700 battery-swap stations by the end of 2025, taking its tally of stations to a solid 4,000.
For the uninitiated, a swap station is where electronic vehicle drivers can go to exchange their batteries for new ones instead of waiting for a change, a rather swift and clean process. According to the U.K. charging company Pod Point, on average, an electric vehicle takes about eight hours to go from 0 to 100.
Qin Lihong, the president and co-founder of the company, told reporters on Friday that they are prioritizing the building of charging stations. NIO observed a recent upside of 1%, trading at $45.97. The company suffered a slip of 27% during the past six months amidst concerns that the glamorizing and joy related to the electric vehicles had driven the stock too high.
In a piece of unrelated news regarding the company, NIO named Yu Long as an independent director, making her the chairman of the board’s nominating and corporate governance committee.