NIO Gets Regulatory Approval to Build Third Factory in China

NIO. Inc. (NIO) has received regulatory approval to build a third factory in China, boosting its total production capacity to one million cars, bringing it closer to Tesla's (TSLA) Shanghai plant, per Reuters.Tesla can produce 1.1 million vehicles annually from Shanghai plant. The approval for a plant with a 600,000-unit annual capacity is a significant win for NIO, given China’s state planner's cautious approach to new EV production plans since 2022 due to overcapacity concerns and slowing demand. NIO obta ...