Nio Enters Strategic Partnership with Baosteel; Street Says Buy
January 12 2022 - 07:47AM
TipRanks
Chinese multinational automobile manufacturer NIO Inc. (NYSE: NIO)
has entered into a strategic partnership with steel producer
Baoshan Iron & Steel (Baosteel) to collaborate in areas
including products and supply chain, as per a report by CnEVPost.
Shares of NIO rose 2.4% in the pre-market trading session on
Wednesday. Baosteel is a Shanghai-based company that manufactures
and sells steel products. Its products include cold-rolled carbon
steel coils, hot-rolled carbon steel coils, and steel pipe
products. The deal was announced in a signing ceremony held at
Nio's global headquarters in Shanghai's Jiading district.
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