Benzinga - by Adam Eckert, Benzinga Staff Writer.
NIO Inc (NYSE: NIO) shares are trading lower Wednesday after rising more than 10% on Tuesday. Here's a look at what's going on.
What To Know: Nio stock raced higher to start the week after the company launched its new ET9 sedan at its Nio Day event over the weekend. The new vehicle is Nio's most expensive offering and marks the company's entry into the luxury EV segment.
The ET9 is already available for pre-order in China and deliveries are expected to start in the first quarter of 2025.
Nio also launched fourth-generation power swap stations expected to reduce battery swap time by 22% and unveiled a new liquid-cooled charger at Nio day 2023.
On Wednesday, Nio said it closed the $2.2 billion strategic equity investment from CYVN Investments that was announced on Dec. 18. Following the closing of the investment, CYVN now beneficially owns approximately 20.1% of the company's outstanding common stock.
Nio noted that it plans to work closely with CYVN moving forward to pursue strategic and technology collaborations internationally.
12 analysts currently have positive ratings on Nio stock and five analysts have neutral ratings with a consensus price target of $28.13, according to Benzinga analyst data.
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NIO Price Action: Nio shares were up 0.54% to $9.38 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
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