NIO's U.S.-listed shares are pacing for a second consecutive weekly loss. The stock fell 2% on Wednesday to close at $4.54. Market sentiment remains bearish as message volumes on platforms like Stocktwits decline.
The company is shifting to a state-backed ownership model for its battery-swap network to curb capital expenditures. Under this strategy, state-owned entities own the physical assets while NIO provides technology and operations.
NIO transferred 36 charging and battery-swap stations to Optics Valley Transportation Group on Wednesday. This move places all of NIO's existing swap-station assets in Wuhan under state-owned partnership. The company has added 341 swap stations so far this year toward its annual goal of 1,000.