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Shanghai-based NIO (NYSE:NIO) and state-owned Changan Car introduced on Tuesday a brand new partnership to build electrical automobiles with battery swapping know-how. The 2 firms plan to additionally design joint requirements for battery know-how. The partnership is geared toward serving to NIO (NIO) enhance profitability because it appears to cut back prices within the face of rising competitors. Of be aware, NIO (NIO) has a plan to just about double the overall variety of battery swapping stations in China this yr.
Trying forward, NIO (NIO) will report its Q3 monetary outcomes on December 5 earlier than the open of the U.S. markets and maintain a convention name with analysts. The consensus expectation is that the Chinese language electrical car maker will report income of $2.66B and EPS of -$0.36. Choices buying and selling implies a share worth swing of seven% up or down after the earnings report drops.
Shares of NIO (NIO) fell 0.65% in premarket buying and selling to $7.75 vs. the 52-week buying and selling vary of $7.00 to $16.18.