Nio's Stock Is Sinking, but Its New Factory Is on Schedule
Shares of Chinese electric vehicle maker Nio (NYSE: NIO) were moving lower on Thursday. As of 1:30 p.m. ET, the company's American depositary shares were down about 2.3% from Wednesday's closing price.
There was no bad news driving the shares lower. But we did learn today that the company has begun hiring assembly line workers for its second factory, expected to begin production later this year.
Nio doesn't own a factory directly; its vehicles are built in a plant owned by a joint venture between it and its manufacturing partner, state-owned automaker Jianghuai Automobile Group. The two said last year that they would collaborate on a second factory, to be part of an electric vehicle industrial district called "NeoPark" in the city of Hefei, where Nio's headquarters is located.
Source Fool.com
