NIO Inc. (NYSE:NIO) shares are trading lower on Friday.
The Chinese EV manufacturer hit its 60 millionth battery swap service, just four months after achieving the 50 millionth milestone, CnEV Post reports.
The new achievement was recorded on December 13, according to NIO's real-time charging map data. As of today, NIO operates 2,785 battery swap stations across China, including 909 strategically located along highways.
This success comes as NIO also hosted its year-end media event in Shanghai, where the company's founder, chairman, and CEO, William Li, answered more than 200 questions in a three-hour session, according to a news report by CnEV Post.
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The event, which serves as a prelude to Nio Day 2024, highlighted the company's growth plans, including its ambitious goal of doubling sales in 2025 to around 440,000 units.
According to Benzinga Pro, NIO stock has lost over 39% in the past year.
NIO may face challenges as it heads into 2025. While Beijing has assured fiscal and monetary stimulus to support economic recovery, concerns remain about the effectiveness of these measures, given rising debt levels and geopolitical uncertainties. The EV sector is capital-intensive, and NIO's ability to maintain its growth trajectory may be tested by tightening economic conditions and sluggish consumer spending.
As Nio Day 2024 approaches, the company's ability to navigate these macroeconomic challenges will be crucial in sustaining its position in the competitive EV market.
Price Action: NIO shares are trading lower by 2.18% to $4.49 at last check Friday.
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