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Electric automaker NIO Inc. (NYSE:NIO) announced a new partnership aimed at bolstering energy infrastructure across northeastern China.
NIO Power, the energy unit of the EV manufacturer, signed a strategic agreement with ZDK Group in Shenyang, located in Liaoning province, CnEV Post reports, citing an announcement posted on the NIO App.
The collaboration outlines plans to build 100 battery swap stations in Liaoning, Jilin, Heilongjiang and Inner Mongolia to support Nio’s growing fleet and customer base.
The new agreement is expected to accelerate the development of EV energy stations in high-traffic and industrial areas, including transportation hubs and urban clusters.
Also Read: China’s EV Market Surges Past US and Europe—’ China’s Elon Musk’ Shares Two Stats That Explain Why
In a separate update, Nio announced the rollout of its refreshed ES6 SUV and EC6 coupe SUV models in China, CnEV Post reports.
NIO recently revealed a successful internal test of its next-generation autonomous driving platform. Using its proprietary NIO World Model, the company’s vehicle completed an entire journey autonomously, showcasing major strides in its driver-assistance development.
According to Benzinga Pro, NIO stock has lost over 23% in the past year. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:PGJ).
Price Action: NIO shares are trading lower by 0.99% to $4.00 at last check Tuesday.
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