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Reuters reports Tuesday, citing people familiar with the matter, that Chinese electric vehicle maker Nio (NYSE:NIO) plans to build a factory to produce budget EVs under a new brand. Nio has been planning to launch more affordable EV products under new brand names after 2024 as part of projects codenamed “Firefly” and “Alps”, according to the people, who declined to be named as the discussions are private.
The new factory would be built in Chuzhou city in eastern China’s Anhui province. The people added that the plant will make cars, developed under project “Firefly”, which Nio wants to export to Europe where customers prefer small-sized vehicles.
Nio Chairman William Li also said on Tuesday the company will accelerate the expansion of its network of battery-swapping stations in China.
Shares of NIO are down 1.08% in premarket trading on Tuesday.
