What happened
Shares of Chinese electric-vehicle maker NIO (NIO -0.36%) were trading lower on Wednesday, amid broad market turbulence affecting shares of many electric vehicle makers and other emerging technology companies.
As of 10:30 a.m. EDT, NIO's American depositary shares were down about 4.8% from Tuesday's closing price.
So what
There was no major news driving NIO's shares lower -- or major news of any kind that was directly related to NIO or its stock. The company did share some minor news, but it seems positive: As of 3:16 a.m. local time, a NIO battery-swap station in Suzhou (just west of Shanghai) completed the company's 2 millionth battery swap.
NIO said that its network of over 200 battery-swap stations -- which automatically swap a NIO's battery pack for a fully charged one -- now complete a swap about once every 10 seconds, on average.
It's not huge news, and it's certainly not what's moving the stock today. But now you know.
NIO expects to begin deploying an updated version of its automated battery-swap stations next month. Image source: NIO.
Now what
That seconds-between-battery-swaps number could well fall over the next several months, as NIO begins deploying its new "second-generation" battery-swap stations. The new stations can store more battery packs and complete swaps more quickly than the current units, and they cost less to build, NIO said earlier this month.
NIO confirmed on Wednesday that it expects the first of those second-generation stations to be up and running in mid-April.
