Chinese electric start-up Nio announced the start of construction of a new industrial cluster called Neo Park at its Hefei site in Anhui province. Neo Park is designed as an industrial and development cluster focusing on electric cars and autonomous driving, Nio announced on Monday. According to Chinese media reports, the project, implemented by the Anhui provincial government, plans to have production capacity for one million EVs and components – including batteries. The initial investment is ¥50 billion (about €6.4 billion), according to Nio. Nio is just one of many companies that will be located at Neo Park: The industrial park will house the entire value chain for smart EVs, including software development.
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