From InvestorPlace: 2024-06-05 11:53:34

Nio has received approval from the Chinese government to build a third EV factory, potentially increasing production capacity to 1 million EVs per year, closing in on Tesla’s Shanghai plant. Despite this positive news, NIO stock struggles today, down 0.1% amidst a generally positive EV sector.

The market seems to have lost confidence in Nio, with its stock failing to rise on good news. While competitors like BYD, XPeng, and Li Auto are in the green, NIO stock remains stagnant. Uncertainty surrounds when mass production at the new factory will begin, clouding the company’s growth prospects.



Read more at InvestorPlace: NIO Stock: Nio Gets Go-Ahead for Third EV Factory in China. What to Know.