Nio shares rise 16.7% after announcement of its partnership with CATL
The companies have signed a deal to build a battery swap network for passenger vehicles across the full range of products
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[SINGAPORE] Shares of Nio surged on Tuesday (Mar 18) morning after the announcement of its partnership with CATL to create a battery swapping network for cars.
At 11.51 am, the counter rose 16.7 per cent or US$0.82 to US$5.72, with around 405,200 securities changing hands. The last time it traded at such levels was October 2024.
The share price later eased to US$5.70, still up 16.3 per cent or US$0.80, as at 12.00 pm, with around 432,000 securities having been transacted.
Nio announced on Tuesday that it signed an agreement with CATL to build a battery swap network for passenger vehicles across the full range of products. The partnership is expected to boost the outlook for Nio. The cooperation will see CATL investing up to 2.5 billion yuan (S$460 million) in Nio, according to a Reuters report.
Its shares last closed up US$0.15 or 3.2 per cent at US$4.90 on Monday.
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