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Chinese EV manufacturer NIO Inc. (NYSE:NIO) shares are trading lower in the premarket session on Tuesday.
According to Benzinga Pro, NIO stock has lost over 46% in the past year. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:PGJ) and KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS).
Today, Chinese automotive powerhouse Chery has joined Nio’s charging network, becoming the 13th company to do so, reported CnEV Post. On September 10, Wuhan Nio Energy Co Ltd (NIO Power) and Anhui Chery Green Energy Ecological Technology Co Ltd formalized their partnership through a charging service cooperation agreement.
NIO Power’s charging network is now accessible to brands such as Chery, Exceed, and Jetour, offering a broad range of efficient and convenient charging services, the report read.
This partnership adds another company to the list of those collaborating with Nio to share its charging facilities, as they aim to leverage one of China’s largest and most extensive charging networks, the report noted.
NIO’s charging network has consistently been accessible to other EV brands.
As of today, NIO boasts one of the largest public charging networks among Chinese car brands, featuring 2,339 supercharging stations with 10,669 charging piles and 1,638 destination charging stations with 12,613 chargers across China.
Additionally, the company operates 2,510 battery swap stations in the country, 843 of which are situated along highways.
Chery’s partnership with NIO to charge network sharing is the second such announcement this month. On September 5, Dongfeng Motor’s premium electric off-road brand, M-Hero, also announced it would access NIO’s charging network, CnEV Post added.
Price Action: NIO shares are trading lower by 1.80% to $5.47 premarket at last check Tuesday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
