Reported 4 months ago
Electric vehicle maker Nio has gained approval to construct its third factory in China, increasing its approved production capacity to 1 million cars. The new plant, with a 600,000 unit annual capacity, will be located in Huainan city, primarily producing vehicles for Nio's affordable car brand, Onvo. Despite concerns of overcapacity in China's EV industry, Nio aims to meet growing demand and expand its customer base with this new venture.
Source: YAHOO