Stock Market Today, Feb. 23: Nio Jumps on Record Lunar New Year Battery Swaps

2026-02-23 17:43:10 ET

Nio (NYSE:NIO) , designs and sells electric vehicles, including sedans and SUVs. The stock closed Monday at $5.29, up 4.34%, after the company reported a record 1 million battery swaps in less than a week during the Lunar New Year, and investors are watching for signs of sustained demand and service revenue growth.
Trading volume reached 52 million shares, coming in nearly 15% above compared with its three-month average of 45.2 million shares. Nio IPO'd in 2018 and has fallen 20% since going public.

The S&P 500 (SNPINDEX:^GSPC) fell 1.01% to 6,840, while the Nasdaq Composite (NASDAQINDEX:^IXIC) declined 1.13% to 22,627 as growth shares lagged during Monday’s session. Among automotive industry peers, Tesla (NASDAQ:TSLA) closed at $399.83, down 2.91%, and Rivian Automotive (NASDAQ:RIVN) finished at $14.96, down 2.03%, reflecting continued pressure on high-growth EV names.

Nio said it completed 1 million battery swaps in less than a week over the Chinese Lunar New Year, reinforcing its network scale and boosting investor confidence surrounding its subscription service revenue model.

Continue reading