NIO New CATALYST But Why is the Stock Down? (NIO News and Update)
JUST IN: NIO MAJOR CATALYST (NIO STOCK COULD DOUBLE WITH THIS)\n\nNIO STOCK NEWS UPDATE: NIO has had a lot of momentum in the race for EV market share in China. Aside from the release of the ET7 on nio day, another NIO factory production facility will be a huge catalyst to drive the stock forward. NIO is definitely a dominant competitor among Tesla stock, LI Auto stock, and Xpeng stock
Chinese authorities give the go-ahead for production of Tesla electric vehicles
China’s Ministry of Industry said Tesla Inc was included on the government’s list of approved car manufacturers because it provided the electric vehicle manufacturer with the certification it needs to start production in the country..
The list was published by the Ministry of Industry and Information Technology.
It means that «Tesla Gets Green Light To Start Production In China», – said Yale Zhang, head of the Shanghai Consulting Company Automotive Foresight. He also noted that Tesla could start production at any time..
The company is building its first overseas auto plant at a cost of $ 2 billion and located in the east of the country in Shanghai..
Tesla plans to start production at its factory in China this month. Until it is unclear if the year-end targets will be met due to uncertainties about orders, labor and suppliers.
Tesla aims to produce at least 1,000 Model 3s per week at its Shanghai plant by the end of this year as it seeks to boost sales in the world’s largest auto market and avoid higher import tariffs on U.S. cars..
It is the first fully foreign-owned car factory in China, which also reflects Beijing’s wider shift in opening up its car market..
Shanghai authorities offered Tesla assistance to speed up construction, and on August 30, China exempted Tesla products from paying a 10% tax on consumer car purchases.