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NIO Stock – Why NIO Stock Is Higher Today

by Theresa Kennedy
May 26, 2021
in Markets
0

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NIO Stock – Why NIO Stock Is Higher Today

What  took place
Shares of NIO (NYSE: NIO) were  relocating  greater on Monday after the Chinese electric-vehicle  manufacturer said that its manufacturing  companion had  consented to  increase its production capacity to  develop to 240,000 NIOs  each year.

 Since 1:15 p.m. EDT, NIO‘s American depositary shares were up  around 5.7% from Friday‘s closing price.

So what
Some  history: NIO  does not  possess a  manufacturing facility; its vehicles are  made under contract by a joint venture with government-owned  car manufacturer Jianghuai  Auto  Team, or JAC, in a JAC-owned  manufacturing facility in the  commercial city of Hefei, near NIO‘s headquarters.

NIO  stated on Monday morning that it has signed a new three-year  agreement with JAC to  proceed that  plan  via ( at the very least) May of 2024. As part of the  offer, JAC  has actually  consented to increase the production  ability of the factory to 240,000  automobiles per year, or 20,000  each month—  dual its  present capacity. NIO Stock.


NIO and JAC didn’t say when that capacity  rise will be in place,  however the  statement is likely why NIO stock is trading higher today.

 Currently what
Auto  financiers  that follow NIO stock know that the company  has actually been working since late last year to  enhance output at JAC‘s  manufacturing facility amid fast-rising  need for its stylish electric SUVs. The  business  had the ability to  raise the  manufacturing rate from about 5,000  lorries a month to 7,500  monthly in early January  and also has  pressed it higher  because.

At a ceremony to  note the 100,000 th NIO  developed at the  manufacturing facility in  very early April,  Chief Executive Officer William Li Bin  stated that the  manufacturing facility can now  construct about 10,000 NIOs per month.  Yet, Li  stated,  manufacturing has yet to hit that  number because of an ongoing global  lack of automotive semiconductors.

NIO stock and most  various other affected automakers now expect the chip shortage to last into 2022, though  products are expected to  enhance  rather in the  2nd  fifty percent of this year.

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