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Nio stock rose nearly 2% in premarket trading as it would double capacity of Hefei plant to 240,000 vehicles a year.

Chinese electric vehicle maker Nio Inc said it would double the capacity of its Hefei plant to 240,000 vehicles a year, up from 120,000 units.

The factory, in the eastern Chinese city of Hefei, can make sedan and sport-utility vehicle models. After the expansion, with extra operating shifts, the plant will be able to make up to 300,000 cars a year, it told Reuters.

Nio will finish the production line expansion in the first half of 2022, it said.