Shanghai (Gasgoo)- Changan NIO New Energy Vehicle Technology Co., Ltd., a joint venture co-built by Changan Automobile and NIO, rolled in Jiangning Development Zone, Nanjing on Aug. 17. It is said that the new JV plans to have an investment of RMB 5 billion and will start construction within this year. The new JV is expected to research and develop three new models and the first one will be put into production in 2020.
The new company will name William Li, founder of NIO, as chairman, Li Wei, executive vice president of Changan Automobile, as vice chairman. The JV's CEO will be Yang Fang, who is a veteran in auto industry in such areas as sales, market, R&D and strategy.
Changan and NIO will take a 45% stake in the JV respectively. The rest 10% stake will be held by senior executives and also will be used to attract talents.
In April, 2017, Changan Automobile and NIO signed a strategic cooperation agreement to cooperate in R&D, production, sales and service in intelligent new energy vehicle (NEV) field.
Apart from the cooperation with Changan, NIO also teamed up with GAC Group to set up GAC NIO New Energy Automotive Co., Ltd., which will be dedicated to the R&D, sales and services of intelligent connected NEVs. GAC and NIO respectively hold 45% and 55% stake of their JV.
William Li recently disclosed that the JVs co-developed by GAC and Changan will be operated with the same method as that of a startup. However, both GAC NIO and Changan NIO will cooperate in designing and development, sales, aftersales of products, as well as joint procurement of auto parts, but not will involve in vehicle manufacturing area.
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