GAC NIO’s former CEO builds new NEV brand named “Freedom”

Shanghai (Gasgoo)- Liao Bing, former CEO of GAC NIO, has founded a new NEV (new energy vehicle) brand dubbed “Ziyou Motor” (meaning “freedom”), according to his personal social media platform of Sina Weibo.

The newborn brand belongs to Ziyou (Shenzhen) New Energy Technology Co.,Ltd., where Mr. Liao serves as the legal representative and general manager. According to the corporate data platform Qichacha, the company was registered on Feb. 2 and involves a registered capital of 100 million yuan ($15.477 million). Its ultimate beneficiary is also Liao Bing.

Photo credit: Ziyou Motor

The new company has a line of business including the technical services for traditional automobiles and NEVs, the R&D of auto engineering, the promotion of new material-related and energy-saving technologies, and the construction and operation of battery replacement stations, according to Qichacha.

On behalf of Ziyou Motor, Liao Bing signed a cooperation agreement with Henan Senyuan Group and Beijing Xingding Rongsheng Capital Co.,Ltd. shortly before he posted the news on his Weibo account.

Liao Bing resigned on Jan. 22 as CEO of GAC NIO and dropped all administrative duties at the company's subsidiaries. His capacity as CEO of GAC NIO would be taken over by Yang Yin, a marketing executive for GAC Motor, said GAC NIO.

Liao Bing was at the helm of GAC NIO since the company's foundation in 2018. He had engaged in R&D, quality, strategy and management in Guangzhou Automobile Honda, GAC Component, GAC FCA, and GAC R&D Center.

The resignation came after GAC NIO obtained an investment from its parent company, GAC Group. The Guangzhou-based automaker announced on Jan. 15 it agreed GAC NIO to increase registered capital and shares by introducing strategic investors. The capital was set to be raised by 2.405 billion yuan ($372.222 million), of which 482 million yuan ($74.6 million) were offered by GAC Aion, a NEV automaker wholly owned by GAC Group.