Go Big or Go Home: NIO’s 16,950-Acre NeoPark Knocks Tesla’s Freemont Facility Out of the Park
Apr 29, 2021 07:50 EDT
NIO (NYSE:NIO), the largest EV manufacturer in China, is certainly kicking things into high gear. After announcing its entry into the EU market yesterday, the company today began construction on the gigantic NeoPark, a joint venture between NIO and the Heifei municipal government.
The first phase of the NeoPark will cost RMB 50 billion ($7.7 billion). Once complete, the industrial park would span nearly 17,000 acres and boast of an annual production capacity of 1 million EVs. For comparison, Tesla’s (NASDAQ:TSLA) Freemont facility spans 370 acres and has a production capacity of 500,000 units.