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NIO Inc. (NYSE:NIO) shares are trading lower in the premarket session on Wednesday.
According to Benzinga Pro, NIO stock has lost over 30% in the past six months.
BofA Securities analyst Ming Hsun Lee maintained a Neutral rating on NIO and lowered the price target from $6.5 to $5.9.
Investors can gain exposure to the stock via KraneShares MSCI China Clean Technology Index ETF (KGRN) and Invesco Golden Dragon China ETF (NASDAQ:PGJ).
The company is currently in the headlines for adding a new NIO House in the Netherlands as it moves ahead with efforts to expand in Europe.
Following the Rotterdam opening on March 23, 2023, the NIO House in the Netherlands becomes NIO's second establishment in the country.
Meanwhile, China reportedly allocates around RMB6 billion yuan ($830 million) for research and development in all-solid-state batteries.
Six companies, namely CATL, BYD Co., Ltd. (OTC:BYDDY) (OTC:BYDDF), China FAW Group, SAIC Motor Corp, Beijing WeLion New Energy Technology, and Geely Auto Group, are poised to receive foundational R&D assistance from the government, CnEV Post reported, citing local media.
Notably, Chinese EV manufacturer NIO introduced its 150-kWh semi-solid-state battery during the unveiling of its ET7 sedan at the Nio Day 2020 event on January 9, 2021, marking a significant milestone for this emerging battery technology.
Local startup WeLion supplies the cells for Nio’s semi-solid state battery, delivering 360 Wh/kg lithium battery cells since June 30, 2023, CnEV Post added.
Despite its innovation, the 150-kWh battery pack is currently expensive, with Nio’s president mentioning it would cost similar to an ET5 sedan. The trial operations for the 150-kWh battery pack commenced this month, with full operations scheduled to commence on June 1.
Price Action: NIO shares traded lower by 1.22% at $4.85 premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
