Smart and Sustainable Electric Mobility
Nio is looking to its partners for cost-cutting advice, saying their expertise and industry experience will be important in meeting its cost-cutting goals.
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BYD and Tesla both saw record highs in new orders in China in May, according to Deutsche Bank.
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Nio's F3 plant is located in Hefei's NeoPark, and with the subsequent launch of new products, the production capacity of the existing 2 factories can no longer meet demand, Qin Lihong said.
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The new plant will have a capacity of up to 600,000 units per year, which will raise its total capacity to 1 million units, according to Reuters.
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This is the second cut after Li Auto lowered its 2024 sales target from 800,000 units to 560,000-640,000 units.
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Entry into the list lays the groundwork for the commercialization of high-level autonomous driving capabilities, Nio said.
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Nio users have driven a total of nearly 1 billion kilometers using NOP and NOP+ by the end of May.
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In the January-May period, Tesla China sold 355,616 vehicles, down 7.12 percent from 382,859 in the same period last year.
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Nio vehicles saw a record 6,700 insurance registrations in China last week, up 24.07 percent from 5,400 the week before.
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Autoliv, the world's largest producer of airbags and seatbelts, said its partnership with Xpeng Aeroht is aimed at making low-altitude mobility safer.
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