NIO Inc (NYSE:NIO) shares are trading higher Monday. The stock may be getting a boost following positive commentary from management on Friday.
What Happened: Nio president and co-founder Qin Lihong reportedly shot down rumors that the EV maker was on the verge of going out of business during the Guangzhou auto show late last week.
“Nio will not go out of business … there is absolutely no possibility of it going out of business. Please feel assured to experience and buy Nio’s cars,” Qin reportedly said.
The Nio president also highlighted the company’s 40% growth and suggested that it may need to find ways to further improve the company’s growth trajectory.
Nio shares may also be seeing increased buying attention after the company announced on Sunday that its 2,100th power swap station is active.
Check This Out: Nio Pushes EV Charging Norms With 2100 Active Battery Swap Stations
Nio is expected to report its third-quarter financial results in the coming weeks. Last quarter, the company missed analyst expectations on both the top and bottom line. The company said at the time that it had $4.3 billion in cash, equivalents, restricted cash and short- and long-term investments.
NIO Price Action: Nio shares were up 6.45% at $7.87 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
