Nio Inc.’s (NYSE:NIO) shares slipped on Wednesday despite upbeat developments from its sub-brand Firefly and deeper collaborations with SunCar Technology Group Inc. (NASDAQ:SDA).
Firefly reportedly announced that its special edition of the Firefly EV, called the Nomadic Maillard Edition, sold out in just 30 hours, signaling strong consumer demand for the compact electric car.
Firefly’s president, Daniel Jin, shared the milestone on his WeChat profile, thanking buyers and pledging to create “the world’s best small car,” CnEVPost reports.
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Firefly launched the Nomadic Maillard limited edition for the Firefly EV on August 25, with only 333 units available for immediate delivery upon order.
In a separate development, SunCar Technology Group revealed an expansion of its partnership with Nio, which has been ongoing since 2020.
The company, known for its cloud-based B2B auto insurance services in China, will deliver more tailored solutions for Nio’s drivers.
SunCar upgraded its Anji Cloud Service Center at the end of 2023 and continues to use artificial intelligence and big data analytics to design smarter coverage packages for Nio owners.
Nio’s latest launches, including the ES8 SUV and the ONVO L90, feature advanced self-driving systems, ultra-fast charging technology, and luxury interiors.
These models are expected to boost the automaker’s presence in the premium EV space while giving SunCar further opportunities to expand insurance offerings tied to high-tech vehicle performance.
In a separate development, JP Morgan analyst Nick Lai upgraded Nio’s stock rating from Neutral to Overweight, raising the firm’s price forecast from $4.80 to $8.00.
According to Benzinga Pro, NIO stock has gained over 61% in the past year. Investors can gain exposure to the stock via the Invesco Golden Dragon China ETF (NASDAQ:PGJ).
Price Action: NIO shares are trading lower by 3.69% to $6.440 at last check Wednesday.
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