(Source: CnEVPost)
The city of Hefei in central China saved Nio from the brink of death early last year, after which the company shifted a lot of its business to the region. Now, it's setting up a new company there.
Anhui Nio Intelligent Driving Technology Co was founded last Thursday in Hefei, with legal representative Qin Lihong, co-founder and president of Nio, according to data provider Qichacha.
The company, which has a registered capital of 10 million yuan ($1.55 million), is wholly owned by Hong Kong-based Nio Smart Driving Co.
The company's business scope includes new energy vehicle sales, auto parts research and development, machinery and equipment development, satellite remote sensing application system integration and Internet information services.
Its registered office is located at Susong Road, Economic and Technological Development Zone, Hefei, Anhui Province, where the Nio JAC manufacturing base is also located.
A month ago, Nio established a company called Nio Drive Technology (Hefei) Ltd in Hefei with a registered capital of RMB 500 million.
The company's business scope includes manufacturing of auto parts and accessories, technical services, and technology development, and it is wholly owned by the Hefei branch of Nio's motor manufacturing business XPT.
Its legal representative is Zeng Shuxiang, who is also the CEO of XPT, headquartered in Nanjing, Jiangsu province.
According to a report in late May by China's official securities media, Shanghai Securities News, Nio's move may be linked to deepening cooperation with the Hefei municipal government.
The Hefei government's investment saved the company during Nio's most difficult moments in late 2019 and early 2020.
Speaking at the 4th National Young Entrepreneurs Summit on May 30, founder, chairman and CEO of Nio William Li said, "Nio almost died last year when it was at its most critical point. We are very grateful to Anhui and Hefei for sending us a helping hand at the most critical time".
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