Nio Inc (NYSE: NIO) plans to reveal a battery swap expansion which will relieve electric vehicle owners of what is termed as “range anxiety.” According to reports, the EV manufacture is expected to announce its alliance with Sinopec or China Petroleum & Chemical Corporation to put battery swap stations across Sinopec stations in the country.
The company will sign a strategic alliance deal with Sinopec on April 15 before going live with the “first 2nd generation battery swap station.” Sinopec currently has 30,000 stations in China, and Nio has 198 battery swap locations that it plans to increase to 500 by the end of this year. The Battery Swap 2.0 locations have the capability to performing 312 automated swaps per day.
Goldman Sachs upgraded the stock from “hold” to “sell” last week with a price target of $59 per share because of the Battery-as-a-Service factor. Ahead of the signing of the deal with Sinopec, Nio stock is likely to reverse its Monday decline. In the coming weeks, Nio is among the stock’s to keep an eye on.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.