William Li, founder, chairman and CEO of Chinese EV maker , withdrew as legal representative of GAC Nio and was succeeded by Li Zhihong, according to the latest business registration information shown on Qichacha.

Hubei Changjiang Nio New Energy Industrial Development Fund Partnership withdrew as a shareholder and Guangdong Pearl River Investment Management Co. Group Co., Ltd was added as a new shareholder of GAC Nio.

The registered capital of GAC Nio was changed from RMB 500 million ($77.6 million) to RMB 2.5 billion, an increase of 404.61%.

GAC Nio was established on April 10, 2018, with GAC Group and GAC New Energy each holding 22.5%, Nio and Nio Fund each holding 22.5%, and the remaining 10% of shares held by the founding team.

On January 5, GAC Group announced that it has agreed to increase the capital of GAC Nio by introducing strategic investors, totaling approximately RMB 2.4 billion ($3.7 million).

GAC Group, through its wholly-owned subsidiary , has increased its capital to GAC Nio by approximately RMB 482 million, while Guangdong Pearl River Investment Management Group Co., Ltd. increased its capital by approximately RMB 1.92 billion as a strategic investor.

After the completion of the capital increase, GAC Group and its wholly-owned subsidiary GAC Aion hold a total of 25% equity interest in GAC Nio.

Prior to receiving this financing, GAC Nio's financing progress was stuck in the angel round.

In 2019, GAC Nio launched its first product, the HYCAN 007, and at the time of launch, GAC Nio expected sales to reach "15,000 units by 2020". However, when it began deliveries, GAC Nio lowered its forecast to 5,000 to 10,000 units.

GAC Nio founder and former CEO Liao Bing launched a new brand of new energy vehicles called "Ziyou Auto," which literally means "Free Auto," on February 3.

The company held a signing ceremony with Henan Senyuan GroupCo., Ltd. and Beijing Xinding Rongsheng Capital Management Co., Ltd. on February 3 to jointly launch the new energy vehicle brand.

Ziyou Auto is a new energy smart car team built under the leadership of GAC Nio's former CEO Liao Bing, whose core team has proven experience in new energy smart car projects, the company said.