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NIO Stock Rises on Reports of U.S. Expansion

Source: Robert Way / Shutterstock.com
Shares of Nio (NYSE:NIO) are in the green this morning after Chinese media firm Yicai reported that the company…

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Source: Robert Way / Shutterstock.com

Shares of Nio (NYSE:NIO) are in the green this morning after Chinese media firm Yicai reported that the company is recruiting people within the U.S. for manufacturing-related positions. The job postings state that candidates must have 10 years of experience or more with blueprint planning. Candidates must also have 10 years of experience in the design of original equipment manufacturers (OEMs).

As a result of the job postings, speculation is circulating that Nio plans on building a manufacturing facility in the U.S. The electric vehicle (EV) company already has a research and development (R&D) center in San Jose, California. When asked by Yicai, Nio responded that it had no comment on the matter.

NIO Stock Rises on Expansion Plans

In its report, Yicai quoted a person who has experience with building facilities for Chinese automakers: “NIO is supposed to have the intention of building a plant in the US. The position requires knowledge of US state policies and subsequent involvement in plant site selection in the US.”

The speculation of the U.S. manufacturing facility comes as Nio expands its presence into Europe. Recently, the company reported selling its 500th vehicle in the country. On Wednesday, Nio announced that it would start construction of its second European battery swap station in Norway on May 30. The company also plans on opening three new Nio Houses in the country. A Nio House is much like a showroom where fans of the company can share their experiences, with some houses containing a library and café as well. There are currently 47 Nio Houses globally. On Saturday, Nio will open its 48th House in Guangdong, China.

Nio has ambitious expansion plans. By the end of the year, the company plans on expanding into Germany, Sweden, Denmark and the Netherlands. In addition, Nio has announced plans for a new autonomous driving research facility in Singapore, as well as a new battery lab in Shanghai, China.

Nio recently listed on the Singapore Exchange. Morgan Stanley’s Tim Hsiao believes that the listing could attract some “high net worth investors.” Additionally, the company was added to the Hang Seng Tech Index. Hsiao believes that the inclusion will provide Nio with a “bit more liquidity [and] a bit more diversity.”

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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