News & analysis
News & analysis

NIO and Sinopec partnership announced

16 April 2021 By Klavs Valters

Share

Last week marked a significant milestone for NIO when it produced its 100,000th electric vehicle. The latest development also caught the eye of Tesla CEO Elon Musk, to which he responded: ”Congrats to NIO. That is a tough milestone.”

On Thursday, NIO officially confirmed its partnership with Sinopec – taking a major step forward in the company’s future. Rumours about a potential partnership between the two companies first emerged back in February, when Sinopec Chairman Zhang Yuzhuo visited NIO’s battery swap station.

About Sinopec

Sinopec is the largest supplier of refined oil products and petrochemicals as well as the second-largest oil and gas producer in China. It was founded on 25th February 2000 in Beijing, China and has over 240,000 employees globally. The company has more than 30,000 gas stations – second highest in the world.

The partnership

NIO’s statement on the partnership:

”The partnership between Sinopec and NIO is an important milestone for further developing China’s smart EV industry, a concrete measure to help achieve peak carbon emissions and achieve carbon neutrality, a key step in developing global, green, and innovative transportation initiatives and innovations.”

Following the announcement, NIO and Sinopec also unveiled the NIO Power Swap Station 2.0 at Sinopec’s Chaoying Station in Beijing, China.

The share price of NIO has taken a hit in recent months after reaching record highs back in February when it climbed above $60 per share. It was down by around 5% on Thursday following the announcement, trading at around $34 per share.

Worth noting that it was trading at $3.20 per share same time last year, a 995% increase at the current share price.

NIO

Source: TradingView

You can trade NIO (NIO) and many other stocks from the ASX, NYSE, and the NASDAQ with GO Markets as a Share CFD. Click here for more information. Trading Derivatives carries a high level of risk.

 

 

Ready to start trading?

The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.

#Indice #Indices #IndicesTrading #IndexTrading #Shares #Stockmarket #Stocks