Nio (NIO) shares firmed Monday, after the Chinese electric vehicle company said that by the end of 2025 it planned to add 3,700 battery-swap stations, which would give it 4,000.
A swap station is where EV drivers go to quickly exchange their batteries for new ones, rather than waiting for a charge.
A typical electric car takes about eight hours to charge from empty to full, according to U.K. charging company Pod Point.
The company is making charging stations a priority, Co-Founder and President Qin Lihong told reporters on Friday.
NIO recently traded at $45.97, up 1%. It has slid 27% in the past six months amid concern that euphoria about electric vehicles had driven the stock too high.
In other company news Monday, NIO named Yu Long as an independent director. She will be chairwoman of the board’s nominating and corporate governance committee.
Long is founding and managing partner of BAI Capital and a member of the management committee at the Gutersloh, Germany, media group Bertelsmann. She was formerly chief executive of Bertelsmann China Corporate Center.
In other NIO news, Real Money’s Carolyn Boroden notes bullish technical factors for the company.
“I have a simple symmetry setup to consider in NIO,” she wrote Friday. “What I like about this stock is the general pattern of higher highs and higher lows, along with the price currently above the 200- and 50-day simple moving averages.”
Further, “the setup is actually two symmetry projections of prior declines that overlap a 50% retracement of a prior swing,” Boroden said.