NIO Inc. (NYSE:NIO) shares are trading higher on Monday following reports suggesting the company, on Sunday, opened another five battery swap stations in China as part of its expansion strategy.
“NIO opened two more battery swap stations in China today, bringing the total to 284 as of 7 pm Beijing time Monday,” cnEVpost reports.
Nio operates in China’s premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles.
Nio’s stock was trading about 6.4% higher at $47.91 per share at the time of publication. The stock has a 52-week high of $66.99 and a 52-week low of $6.71.
