Benzinga | Feb 16, 2021 11:39AM EST

Chairman Of Oil Giant Sinopec Visits Nio Battery Swap Station

Speculation about a link between Nio Inc -- ADR (NYSE:NIO) and oil giant China Petroleum & Chemical Corp ADR (NYSE:SNP), or Sinopec, is emerging after an executive from the oil company visited a Nio battery swap station.

Shen Fei, vice president of power management at Nio, posted on the Nio App that Sinopec Chairman Zhang Yuzhuo visited one of the EV maker's battery swap stations during the Chinese New Year holiday, according to multiple local media outlets.

Nio President Qin Lihong reportedly briefed Zhang on how the battery swap station functions. Sinopec's chairman also seemed to have interacted with a user who came to the station for a battery swap.

Related Link: Nio Analyst Sees Meaningful Tailwinds For EV Brand's Sales Volume

Nio is going all out to capture market share to compete in the lucrative Chinese EV market, with particular accent on battery technology and convenient charging infrastructure.

Sinopec's NYSE-listed shares were trading 6.35% higher to $52.22 at last check Tuesday.

Related Link: BofA's Takeaways On Nio's 2021 Plans