The Chinese company NiO, which is called the main competitor to Tesla, decided to double the production of electrocars and is going to produce 240 thousand cars per year. According to Business Insider, after the company has concluded contracts with two manufacturers in the PRC, its shares rose five percent.
Nio resumed contracts with Jianghuai Automobile Group (Jag) and Jianglai, financial conditions of transactions are not specified. In January, the campaigns reached a historic maximum of about $ 67, but for the year they fell about 26 percent. They suffered from the permanent sale of shares of growing companies, since the prospect of the growth of inflation has alarmed investors.
As for the Tesla itself, it is still in no hurry to build production in China. In early May, it became known that the company decided to abandon the purchase of additional land to expand its factory in Shanghai.
In March, Tesla did not participate in the bidding for the purchase of land across the road from the factory. This may be associated with the tension in the US and China’s relations. A part of the site on which the Tesla plant is located, the company does not yet use under production – there is a parking lot. According to one of the sources of Reuters, this should be enough to increase the production of electrocars by 300 thousand per year. In the company itself, they assured that the plant in Shanghai “develops according to plan.”