Nio (NYSE:NIO) is planning to strengthen its global presence in the electric vehicles market by building its first battery plant to manufacture big cylindrical cells in-house. As per a Reuters report, the company is setting up the new battery plant next to its main manufacturing facility in Hefei city, located in eastern China’s Anhui province.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The new plant will have the capacity to manufacture 40 gigawatt hours (GWh) of batteries annually, which will have the potential to power about 400,000 units of long-range EVs.
At the same time, Nio is mulling installing a factory in the eastern city of Chuzhou, where the company will make affordable EVs to sell to Europe.
What is NIO Stock Prediction?
Nio remains well-positioned for growth, driven by recovering China’s economy, easing supply chain issues, and its plans to expand its presence in Europe. Also, the company is optimistic about increasing its market share by launching five models in the first half of 2023.
Overall, Wall Street is cautiously optimistic about NIO stock with a Moderate Buy consensus rating. This is based on six Buys and three Holds. The average price target of $17.13 suggests a nearly 75% upside potential. Shares have gained about 2% since the start of this year.
