TSLA - What's Happening With Chinese EV Maker Nio's Stock On Wednesday? | Benzinga
Electric vehicle maker Nio Inc. (NYSE:NIO) shares are ticking higher after it reportedly received the green light to build a third factory in China, a significant development that brings its total approved production capacity to nearly 1 million vehicles annually.
This new capacity places Nio close to Tesla Inc. (NASDAQ:TSLA), whose Shanghai facility can produce 1.1 million vehicles per year, reported Reuters.
The new factory, with an annual capacity of 600,000 units, marks a notable achievement for Nio amid cautious approval trends from China’s state planners since 2022.
The company’s expansion comes amid overcapacity concerns and slowing demand. Nio has begun construction on the third plant, named F3, in Huainan city, Anhui province, which will primarily manufacture ...