Nio, a Shanghai-based electric-vehicle startup, is looking to raise annual vehicle production to 600,000 in late 2022 or early 2023 when two plants begin operating on two shifts in the east China city of Hefei.
Nio founder and CEO William Li disclosed the information last week during a conference call to discuss the company’s third-quarter financial results.
In March, annual production capacity of the company’s first plant topped 10,000.
In September and October, Nio upgraded the factory’s production lines with the main purpose of expanding capacity, Li said during the call.
With output reduced by production line upgrades and the lingering semiconductor chip shortage, Nio’s deliveries slumped 28 percent to 3,667 last month. But the company’s sales in the first ten months surged 123 percent to 70,062.
Nio’s second plant in Hefei is slated to start output in the third quarter of next year, Li said, without disclosing the factory’s annual capacity.