Nio (NIO) – Get a report Shares firmed on Monday, after the Chinese electric vehicle company said it plans to add 3,700 battery swap stations by the end of 2025, giving it 4,000.
A swap station is where EV drivers go to quickly swap out their batteries for new ones, rather than waiting for a charge.
A typical electric car takes around eight hours to charge from empty to full, according to UK charging company Pod Point.
The company is making charging stations a priority, co-founder and chairman Qin Lihong told reporters on Friday.
NIO recently traded at $ 45.97, up 1%. It has fallen 27% in the past six months, fearing the euphoria over electric vehicles has pushed the stock too high.
In other company news on Monday, NIO appointed Yu Long as an independent director. She will be chair of the nominations and corporate governance committee of the board of directors.
Long is a founding and managing partner of BAI Capital and a member of the executive committee of the Bertelsmann media group in Gutersloh, Germany. She was previously Managing Director of the Bertelsmann China Corporate Center.
In other news from NIO, Real Money’s Carolyn Boroden Notes Bullish Technical Factors for the company.
“I have a simple symmetry setup to consider in NIO,” she wrote on Friday. “What I like about this stock is the general trend of higher highs and higher lows, as well as the price currently above the 200 and 50 day simple moving averages.”
Additionally, “the pattern is actually two projections of symmetry of earlier declines that overlap a 50% retracement of a previous swing,” Boroden said.