Report: NIO's third domestic factory has been approved, with a total production capacity of 1 million vehicles
Reports indicate that NIO's total approved production capacity will reach 1 million vehicles, on par with Tesla's Shanghai Gigafactory (1.1 million vehicles). NIO's third factory is located in Huainan, Anhui, with a capacity of 600,000 vehicles, mainly producing NIO's newly launched affordable car brand "ONVO Joyway"
On Wednesday, media reports cited sources saying that NIO has been approved to build its third factory in China with a capacity of 600,000 vehicles.
Including the third new factory, NIO's total approved capacity will reach 1 million vehicles, comparable to Tesla's Shanghai Gigafactory (1.1 million vehicles).
Sources also mentioned that the new factory is located in Huainan City, Anhui Province, and will mainly produce NIO's newly launched affordable car brand "ONVO LeDao."
NIO informed the media that the construction of the third factory has begun, with an initial capacity of 100,000 vehicles on a single shift. This expansion plan aims to meet the growing demand for NIO and LeDao brand vehicles. NIO also stated:
Our existing factories' capacity is insufficient to meet market demand. NIO does not have overcapacity issues.
In May, NIO delivered 20,544 new vehicles, a year-on-year increase of 233.8% and a month-on-month increase of 31.5%, reaching a historical high. As of now, NIO has delivered a total of 516,000 new vehicles.
When asked if the new factory will expand its capacity to 600,000 vehicles in the future, NIO did not respond.
The first car under the "ONVO LeDao" brand, L60, started pre-sale in May this year. It is positioned as a family smart electric mid-size SUV with a starting price of 219,900 yuan. In comparison, the Tesla Model Y starts at 249,900 yuan in China