Deals

Li said the battery swap business could become profitable if it averages 60 orders per station per day, and that figure has already reached 80 in Shanghai.

With full control over all core processes of vehicle production, Nio will be able to improve its manufacturing efficiency and have more leverage in the fierce competition.

Nio said it will acquire the manufacturing equipment and assets of the F1 and F2 plants from JAC for a total consideration of about RMB 3.16 billion.

As JAC's deal to sell its factory assets comes to a deadline, rumors that Nio will buy them and announce its own car-making qualifications are circulating widely on Chinese social media.

The two will build luxury smart connected EVs based on Huawei's smart car solutions, with product development under the overall responsibility of JAC.

After Changan, Geely, JAC may also join Nio's battery swap system, local media said.

Nio's battery swap system will go from private domain exclusive service to public service and is expected to turn a profit, local media said.

Geely becomes the latest Chinese auto giant after Changan to enter into a partnership with Nio on battery swap.

Huawei will set up a company engaged in the R&D and production of smart driving systems and components, in which Changan plans to acquire no more than a 40 percent stake.

The two parties are exploring the possibility of forming a joint venture to further support Stellantis' electrification strategy.