NIO Announces Deal to Double Its Production

Chinese electric-vehicle maker NIO (NYSE: NIO) said that it has extended its current manufacturing deal for another three years -- and that its manufacturing partner has agreed to double the factory's production capacity.

Although the company has talked from time to time about building a factory, NIO doesn't currently own one. Its vehicles are manufactured in a factory belonging to Chinese state-owned automaker Jianghuai Automobile Group (JAC) in the industrial city of Hefei, where NIO is headquartered.

JAC's Hefei factory built its 100,000th NIO in April. The factory now has the capacity to build 10,000 NIOs per month; that will double under a new agreement. Image source: NIO.

Source Fool.com