Chinese EV startup Nio, Inc. (NYSE:NIO) has achieved a major production milestone even as it is grappling with lockdown restrictions in place due to a COVID-19 resurgence in China.
What Happened: Nio's advanced manufacturing center in Hefei successfully rolled off the 200,000th mass-produced vehicle on Tuesday, the company said in a statement. The company achieved the feat in less than four years, with the second 100,000 vehicles manufactured in around a year — a record pace of production for this kind of vehicle, according to the company.
Year Of Launches: Following the launch of the ET7 sedan in late March, the Tesla Inc (NASDAQ:TSLA) rival plans to launch two more new models manufactured using its second-generation technology platform, the NT2.0. The company is also planning refreshes for its existing models, including the ES8, ES6, and EC6, with the latest digital cockpit hardware.
Related Link: Nio to Hike Vehicle Prices Beginning May 10: Here Are The Details
By the end of 2022, Nio expects to open at least 100 new stores and over 50 Nio service centers, and authorized service centers in China.
The company also said it expects to more than double its R&D investment as part of a plan to grow its R&D team to 9,000 people by the end of the year. The NeoPark manufacturing facility will start production in the third quarter, the company confirmed.
In international expansion, the company said it will launch its products and comprehensive service system in Germany, the Netherlands, Sweden, and Denmark.
Nio closed Monday's session up 0.76% at $17.31, according to Benzinga Pro data.
Related Link: Tesla Wrests SUV Leadership In China; Model Y Tops Category In Q1
Photo courtesy: Nio
