Market Chatter: NIO Seeks to Boost Sales Via Improved Efficiency, Cost Control

MT Newswires12-13

NIO (SGX:NIO, HKG:9866) plans to accelerate sales through the improvement of its efficiency and cost control, Reuters reported Thursday.

The Chinese electric vehicle maker's chief executive officer officer, William Li, told reporters at an event in Shanghai that it targets deliveries of 20,000 cars from its second Onvo brand by March next year. Li added that its third factory is expected to begin production in the second half of the coming year, according to the report.

Li, who previously said that it would double sales in 2025, said that the company's growth of between 30% and 40% in the past three years was not satisfactory.

The company's shares in both Hong Kong and Singapore bourses dropped less than 4%.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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