What Happened: Suzhou, a city located west of Shanghai, China’s business capital, has been finalized to hold the fifth annual Nio Day, the CnEVPost reported.
The choice of the host city marks the culmination of a multi-step process that includes the invitation of bids, shortlisting of cities based on preliminary surveys and voting of Nio users on the Nio app.
Nio chose Hefei, Suzhou and Xi’an from among the bidders and presented the cities on the Nio app. Voting by Nio users took place on Friday and Saturday. The company provided several details regarding these shortlisted cities on the Nio app over the past few weeks in order to help users decide on their choice.
Incidentally, Suzhou lost out to Chengdu in the bid for hosting Nio Day 2020.
Why It’s Important: Suzhou is close to Zhejiang and Jiangsu provinces, which have a large number of Nio users, the report said.
Hefei was widely expected to be selected, given the fact that the local administration bailed out the EV maker in 2019 when it was facing a severe cash crunch.
The Nio Day 2020 event, which was postponed to January this year due to the COVID-19 pandemic, was instrumental in taking Nio‘s shares to an all-time high of $66.99 on Jan.11. The company unveiled its first-ever sedan named ET7 at the event held on Jan. 9. It also announced its Power Swap Station 2.0 and 150kWh solid state battery technology, among other things.
Nio shares picked up some momentum in late June and early July, hitting a near-term high of $55.13 July 1. Since then, the stock has pulled back and is currently locked in a trading range.
Shares closed Friday’s session at $43.99, down 4.51%.
Related Link: Nio Stock Hangs In Balance Close To Near-Term Support: Technical Levels To Watch
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