NIO Inc. ( NIO ) shares are trading higher on Friday in the premarket session.

The Shanghai, China-based company announced a strategic partnership with Mastercard Incorporated ( MA ) .

Signed in Shanghai, this collaboration aims to enhance vehicle-related payment services for NIO users outside of China, CnEV Post reports.

The two companies will work on global initiatives in user value-added services, payment innovation, data services, consulting, joint marketing, and ESG efforts.

Mastercard ( MA ) cardholders will enjoy exclusive benefits, including charging, battery swaps, maintenance, and car rental services as part of the partnership.

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Additionally, NIO and Mastercard ( MA ) plan to integrate in-vehicle payment functions, allowing users to make seamless payments for charging, parking, shopping, and other expenses, enhancing the overall travel experience.

NIO's co-founder Qin Lihong and Mastercard's ( MA ) Greater China president Chang Qing attended the signing ceremony, marking a significant milestone in NIO's global expansion.

This partnership is set to improve customer experience and expand the reach of both brands internationally, the report adds.

According to Benzinga Pro, NIO stock has lost over 40% in the past year. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF ( PGJ ) .

In its push for global growth, NIO has also scored a significant legal victory in its dispute with Audi over trademark rights in Australia, CNeV Post reports.

The Australian intellectual property authorities ruled in favor of NIO, allowing the company to move forward with its application to register the ES6, ES7, and ES8 trademarks.

This ruling marks a major milestone in NIO's efforts to secure its intellectual property globally, with the battle with Audi now spreading to more territories, according to the report.

Price Action: NIO shares are trading higher by 1.74% to $4.690 at last check Friday.

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