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Nio Wins Approval for Third Factory in China, Boosting Capacity to 1 Million Units - Reuters

Jun 5, 2024, 12:18 PM

Electric vehicle maker Nio has received regulatory approval to build its third factory in China. The new plant, located in Huainan, Anhui province, will have a production capacity of 600,000 units annually, primarily for Nio's affordable brand, Onvo. This addition will boost Nio's total approved production capacity to 1 million units. The company's co-founder and President, Qin Lihong, confirmed that construction has recently started, with an initial shift capacity of 100,000 units. The timeline for mass production remains unclear. Nio's expansion comes as it can no longer meet the growing demand for its electric vehicles. The news was reported by Reuters, and Nio's stock rose +1.7% pre-market.