What's Going On With Nio Stock This Week?

NIO Inc NIO shares are trading narrowly lower Wednesday, adding to losses of more than 6% over the last week. Here's a look at what's been going on. 

What Happened: Nio shares got a boost on Monday following positive commentary from management at the end of last week. 

Nio president and co-founder Qin Lihong reportedly shot down rumors that the EV maker was on the verge of going out of business during the Guangzhou auto show.

"Nio will not go out of business ... there is absolutely no possibility of it going out of business. Please feel assured to experience and buy Nio’s cars," Qin reportedly said.

Over the weekend, Nio announced that its 2,100th power swap station became active. New reports from this week indicated that the company is collaborating with Chongqing Changan Automobile Co to develop and improve its battery swapping technology. The partnership could also involve vehicle development.

Check This Out: Nio CEO Likens Battery Swapping To Cloud Services From Amazon, Microsoft, Alibaba — But Says People Forget One Key Thing

Nio also scheduled its third-quarter financial results this week. The company is now set to report earnings on Dec. 5. Since Nio reports deliveries on a monthly basis, we already know the EV maker delivered more than 55,000 vehicles last quarter, representing an increase of 75.4% year-over-year. 

NIO Price Action: Nio shares were down 1.31% at $7.41 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.