Chinese electric automaker, Nio, is said to be creating a new and cheaper EV brand to provide vehicles to the masses unable to afford its luxury lineup. Additionally, the company is building more battery swap stations.
Nio is said to be secretly building a new factory for its new EV budget brand in the eastern province of Anhui, according to individuals that Reuters interviewed. The new factory will be in the city of Chuzhou, according to these unnamed officials.
Although there is no specified name for the brand, the project runs under the codenames “Alps” and “Firefly”. Reuters’ sources said production would begin as soon as 2025 on the new models.
Meanwhile the NIO stock forecast has found itself stuck between $10 and $14 for the last few months. Now with the drop in Tuesday’s premarket, Nio stock may breaking through the ascending bottom trendline, which it was sitting on last Friday. A break there might send NIO stock down to January’s support level of $9.50 or even closer to November’s mild support just above $9. Nio needs to break above $11.81 before bulls will jump back into this one.
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