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Nio Plans To Build Factory For Budget EVs: Report – NIO (NYSE:NIO) – Stocks to Watch
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Nio Plans To Build Factory For Budget EVs: Report – NIO (NYSE:NIO)

ByShivani Kumaresan

Feb 21, 2023
Nio Plans To Build Factory For Budget EVs: Report - NIO (NYSE:NIO)

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  • Electric vehicle maker Nio Inc NIO reportedly plans to build a budget EV factory in the Chinese city of Chuzhou in the eastern province of Anhui.

  • The company has been planning to roll-out more affordable EV products under new brand names after 2024, Reuters reported.

  • The EV projects are given code names, including “Alps” and “Firefly.”

  • Chinese EV manufacturers are gearing up to boost their portfolio as EV penetration rises rapidly.

  • Also Read: Never Mind Tesla’s Dismissal — China’s Nio Presses Ahead With This Massive EV Power Solution Plan

  • Price Action: NIO shares are trading lower by 1.08% at $10.08 in premarket on the last check Tuesday.

  • Photo Via Company

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Image and article originally from www.benzinga.com. Read the original article here.

Shivani Kumaresan

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