07:21 AM EDT, 06/05/2024 (MT Newswires) -- Nio (NIO) has received regulatory approval to build a third factory in China, Reuters reported Wednesday, citing three people familiar with the matter.

The proposed facility, designed to have an annual capacity of 600,000 vehicles, would bring Nio's annual production capacity to 1 million, Reuters reported.

The new plant known as F3 is located in Huainan city in Anhui province and would mostly produce vehicles for Nio's new low-priced brand Onvo, Reuters said, citing the sources.

Nio did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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