Shares of Chinese electric-vehicle maker NIO (NYSE:NIO) were moving higher on Monday, after the company said it will hold a “NIO Power Day” event next month. “NIO Power” is the company’s name for its suite of vehicle-recharging products and services.
As of 11 a.m. EDT, NIO’s American depositary shares were up about 6.7% from Friday’s closing price.
Chinese electric-vehicle news outlet CnEVPost reported that NIO has begun inviting China-based journalists to NIO Power Day on July 9. The NIO Power “service,” as the company calls it, includes NIO’s charging network, its fast-growing network of battery-swap stations, and related services including home chargers and “mobile charging cars” that can assist stranded NIO owners.
The event will commemorate the third anniversary of NIO Power’s launch, the company said.
Is that why the stock is up today?
Electric-vehicle investors have become accustomed to companies using big-day events to unveil new products and services, but I’m not completely sure the excitement is warranted in this case. NIO has said that it is accelerating the rollout of its new-and-improved battery-swap stations, and we might see updates on that front; but I’m not (yet) expecting big news from the July 9 event.
As of right now, I think investors hoping for big news from NIO will probably have to wait until NIO reports its second-quarter results, likely in early to mid- August.
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