NIO Inc (NYSE:NIO) shares are trading higher Thursday. Here’s a look at what’s going on.
What To Know: Nio shares are racing higher alongside several growth names on Thursday after the Federal Reserve on Wednesday kept rates unchanged and suggested that rate cuts could be coming next year.
The news caused stocks to surge and yields to fall. The 10-Year Treasury yield was hovering around 3.9% at last check.
Lower yields are usually good news for stocks because lower yielding bonds make equities look more attractive. Lower interest rates also make it easier to borrow money, which can help boost company earnings and improve economic growth.
According to a CnEV Post report, Nio also added another partner to its battery swap business.
Founder, chairman and CEO William Li reportedly announced the EV maker inked the new battery swap deal on Thursday at a media event in Shanghai.
Li didn’t name the automaker, but the report indicates that Nio could officially announce the new deal sometime in the near future.
As of Thursday, Nio reportedly had 2,239 battery swap stations in China and is targeting deployment of 2,300 power swap stations by the end of the year.
See Also: Tesla Devises Clever Workaround For Undelivered License Plates Problem In Sweden Amid Union Strikes
NIO Price Action: Nio shares were up 5.18% at $7.82 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
