AI Signal: Sign In to See
NIO (NIO) Stock: Why It Increased 1.23%Jul 31st, 2022 12:24 EST
- The stock price of NIO (NYSE: NIO) increased by 1.23% in the previous trading session. This is why.
The stock price of NIO (NYSE: NIO) increased by 1.23% in the previous trading session. Investors appear to have responded positively to a report that NIO launched a new electric drive system production facility in NeoPark, which is in the Hefei, Anhui province with an expected annual production capacity of 1.3 million electric drive systems.
This development was revealed by NIO SVP Zeng Shuxiang in an article published in the NIO App featuring a milestone announcement about the company’s motor manufacturing division XPT. Shuxiang also serves as the CEO of XPT.
The milestone is that NIO saw its 500,000th electric drive system rolling off the line at the XPT Nanjing plant. Back in 2015, there were no available electric drive systems that could handle NIO’s requirements so the company decided to develop them in-house, according to NIO CEO William Li.
Last week, Li also reportedly said that NIO is going to move ahead with efforts to develop a phone. The company is currently in the research stage and the devices would likely connect better to NIO’s vehicles.