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NIO Stock – Why NIO Stock Is Higher Today

by Armando Henderson
May 26, 2021
in Markets
0

NIO Stock – Why NIO Stock Is Higher Today

What  occurred
Shares of NIO (NYSE: NIO) were moving  greater on Monday after the Chinese electric-vehicle maker  stated that its  production partner had  consented to  increase its  manufacturing capacity to build up to 240,000 NIOs  annually.

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

So what
Some background: NIO doesn’t  have a  manufacturing facility; its  cars are  made under contract by a joint venture with government-owned automaker Jianghuai  Car  Team, or JAC, in a JAC-owned factory in the  commercial city of Hefei, near NIO‘s headquarters.

NIO said on Monday morning that it has signed a new three-year  agreement with JAC to  proceed that  setup through ( at the very least) May of 2024. As part of the  bargain, JAC has  consented to  enhance the  manufacturing  ability of the factory to 240,000  automobiles per year, or 20,000  monthly— double its  present capacity. NIO Stock.


NIO  as well as JAC didn’t  claim when that capacity increase  will certainly be in  area,  however the  news is likely why NIO stock is trading  greater today.

 Currently what
Auto  financiers who  adhere to NIO stock know that the  business  has actually been  functioning  because late  in 2014 to increase  result at JAC‘s  manufacturing facility  amidst fast-rising  need for its  fashionable  electrical SUVs. The company was able to  boost the production rate from about 5,000  lorries a month to 7,500  monthly in  very early January and has pushed it higher  considering that.

At a ceremony to mark the 100,000 th NIO built at the  manufacturing facility in  very early April, CEO William Li Bin  stated that the  manufacturing facility can now build about 10,000 NIOs per month.  Yet, Li  stated,  manufacturing has yet to hit that figure  due to an  continuous  international  lack of  auto semiconductors.

NIO stock  and also most other affected automakers now expect the chip  scarcity to last into 2022, though supplies are expected to improve  rather in the second half of this year.

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NIO Stock - Why NIO Stock Is Higher Today

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