What happened Shares of Chinese electric vehicle maker NIO (NYSE: NIO) were moving higher on Friday, after the company's CEO confirmed that its manufacturing partner has begun construction of a second factory near NIO's headquarters in the industrial city of Hefei. As of 1:45 p.m. EDT, NIO's American depositary shares were up about 7% from Thursday's closing price. So what NIO's founder and CEO, William Li, shared some business updates at an event for NIO owners in China on Thursday, according to multiple reports in Chinese business media. Of particular note to investors, Li confirmed that construction is now underway on NIO's second factory. The plant, which will be operated by NIO's manufacturing partner, state-owned automaker Jianghuai Automobile Group, is being built in a new "Neo Park" in the city of Hefei. NIO agreed to help build and lead the Neo Park, which will (it is hoped) help make Hefei a center for electric-vehicle expertise and manufacturing, as part of a bailout deal with economic development authorities last year. The new factory is expected to begin production in the third quarter of 2022, Li said. Once it's up and running, it'll increase NIO's available production capacity to about 20,000 vehicles per month from a maximum of 10,000 now. It's not huge news, in that we knew the factory was coming. But it's a positive status report, and it was probably contributing to electric vehicle investors' interest in the stock on Friday. NIO expects to begin deliveries of its ES8 crossover in Norway in September. Image source: NIO. Now what Separately, NIO said on Friday morning that it has completed the approval process required to sell its flagship ES8 electric SUV in the European Union, according to a report by CnEVPost. NIO said last month that it is aiming to begin deliveries of the ES8, an upscale "three-row" electric crossover, in Norway in September. Its upcoming ET7 sedan will follow once it's launched, likely early next year. 10 stocks we like better than NIO Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and NIO Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 John Rosevear has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends NIO Inc. The Motley Fool has a disclosure policy.Source