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NIO Inc. (NYSE:NIO) shares are trading higher in the premarket session on Friday.
The company announced a breakthrough in aluminum alloy technology, in which it has developed a self-hardening aluminum alloy for high-pressure die casting, already used in the body-in-white of its Nio ET9 and Onvo L60, reports CnEV Post.
This new alloy aims to improve performance and cost-efficiency in EV manufacturing and will be available to the entire industry.
This is the first self-hardening alloy for large structural castings developed by a Chinese automotive brand, challenging the dominance of C611 aluminum in China’s die casting market, per the report.
According to Benzinga Pro, NIO stock has lost over 29% in the past year. Investors can gain exposure to the stock via KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS).
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In a recent internal meeting, NIO’s founder, chairman, and CEO, William Li, outlined strategic goals for the company, including doubling sales, achieving single-quarter profitability by Q4 2025, and enhancing its systematic capabilities. The meeting also celebrated NIO’s 10th anniversary.
Meanwhile, NIO’s performance during the Chinese New Year holiday also stands out. The company saw a surge in demand for its battery swap services, with 136,720 services recorded on February 3 alone.
This marked a peak in demand following a strong performance on January 25, with 119,848 services in a single day.
Price Action: NIO shares are trading higher by 1.88% to $4.35 premarket at last check Friday.
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