NIO Inc. (NYSE: NIO) shares fell for the sixth straight session on Friday, after trading in a narrow range for the majority of the day.
‘Nio Power Day’ Doesn’t Boost Stock: Nio launched its first Nio Power Day on Friday in Shanghai, delving into the unit’s history and essential technology. The company also unveiled its “Nio Power 2025” implementation plan for battery swap stations.
Nio has increased the number of battery swap stations targeted for 2021 from 200 to 700. The company expects to open 600 new exchange stations every year between 2022 and 2025, bringing the total to over 4,000 by 2025.
In China, Nio Power Swap stations, 204 Power Charger stations, and 382 destination charging stations have been installed.
Nio Power’s charging and switching technology, as well as Battery-as-a-Service, will be made available to the industry.
By 2025, the business hopes to get around 90% of Nio users within 3 kilometers of a battery swap station, up from 29% now.
Associated Link: Before September, Nio will begin shipping charging infrastructure to Norway. Deadline
Bears and Bulls Strike a Balance: For much of the first half of the year, Nio shares, which reached an all-time high of $66.99 on Jan. 11, moved in a sluggish way. Since the beginning of June, the stock has been gaining traction, reaching a high of $55.13 on July 1. The stock has lost around 17% of its value since its recent high.
Even as bulls attempted to profit from the Nio Power Day event and recent weakness, bears retaliated by keeping the stock in a narrow trading range. After dipping to a low of $44.58 in the morning, the stock rallied only to spend much of the afternoon session stuck in the $45.28-$45.78 region.
Critical Levels to Keep an Eye On in the Near Future: The stock closed around near-term support around $45, where the downside paused twice in June, on Thursday. This level should act as a critical support level for the stock on the downside. Around $42.75 is where the stock finds additional support.
On the upside, the stock could run into resistance around $48.95, where it completed a double-top pattern in late 2020.
Nio shares ended Friday’s session at $45.53, down 0.15 percent.
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