Chinese electric vehicle (EV) manufacturer NIO Inc. (NIO) saw its shares dip in pre-market trading on Tuesday. While NIO stock has experienced a rough year, losing over 46% in the past 12 months, investors can still gain exposure through ETFs like the Invesco Golden Dragon China ETF (PGJ) and the KraneShares Electric Vehicles and Future Mobility Index ETF (KARS).
Adding to the positive news for NIO, Chinese automotive powerhouse Chery has joined the company’s charging network, becoming the 13th company to do so. This partnership, formalized on September 10th, signifies the growing reach of NIO’s charging infrastructure. Chery, along with brands like Exceed and Jetour, now have access to NIO Power’s network, which offers a wide range of charging options for enhanced convenience and efficiency.
This move reinforces NIO’s strategy of collaborating with other EV brands to leverage its robust charging network. NIO boasts one of the largest public charging networks in China, boasting 2,339 supercharging stations with 10,669 charging piles and 1,638 destination charging stations with 12,613 chargers across the country. In addition to its charging network, NIO operates 2,510 battery swap stations in China, with 843 strategically placed along highways.
Chery’s partnership with NIO is the second major announcement this month. On September 5th, Dongfeng Motor’s premium electric off-road brand, M-Hero, also announced its intention to utilize NIO’s charging network. This trend highlights the increasing importance of shared charging infrastructure for the growth of the EV sector in China.
Despite the recent share price decline, NIO’s expanding charging network and strategic partnerships underscore the company’s commitment to driving innovation and accessibility in the Chinese EV market. The company’s continued focus on building a comprehensive and convenient charging infrastructure is a key factor in its long-term success in the competitive EV landscape.
