Reuters reported on Tuesday that the Chinese EV major, NIO (NYSE: NIO) is planning to introduce a new brand for budget EVs and intends to build a new factory in the eastern city of Chuzhou. NIO plans to export these budget EVs to Europe.
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NIO is looking at Europe for expansion as state subsidies in China come to an end. NIO could export the first vehicles as early as next year.
Analysts rate NIO stock a Moderate Buy based on seven Buys and three Holds.
