NIO Inc (NYSE: NIO) shares are trading higher Friday after the company successfully listed on the Singapore stock exchange and announced plans to build a research and development center for artificial intelligence and autonomous driving.
Nio shares will be traded on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST) in lot sizes of 10 shares. The company's ADSs will remain primarily listed and traded on the New York Stock Exchange.
"The listing on the SGX-ST has further strengthened NIO's footing in the global capital markets," said William Bin Li, founder, chairman and CEO of Nio.
"Furthermore, by leveraging Singapore's advantageous position as an international innovation and technology center, NIO plans to establish a research and development center for artificial intelligence and autonomous driving in Singapore and to collaborate with local science and research institutions to further broaden and enhance our global R&D capabilities," Li added.
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NIO Price Action: Nio has traded between $11.67 and $55.13 over a 52-week period.
The stock was up 6.6% at $17.76 at press time, according to data from Benzinga Pro.
Photo: courtesy of Nio.
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