- 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
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