JAC

Maextro's first model is expected to be launched in the first quarter of next year, with JAC currently hoping to build 38 test cars, according to local media.

Nio's independent car-making qualification has been officially approved, and the company has started producing and delivering EVs under its own name, local media said.

JAC and Huawei will collaborate to build a luxury smart EV that is expected to hit the market in 2025, the automaker said.

The first model to be built by Huawei and JAC will be a sedan priced at the RMB 1 million level, not an MPV as previously rumored, according to local media.

Nio said it and JAC, Chery will carry out deep strategic cooperation in battery standards, battery swap technology, battery swap service network construction and operation.

Nio has also signed strategic cooperation agreements with two state-owned groups in Anhui province for energy storage, charging, and battery swap system construction.

The sodium-ion battery-equipped model has a battery pack capacity of 23.2 kWh, a CLTC range of 230 km, and can be charged from 10 percent to 80 percent in 20 minutes.

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.

China has imposed restrictions on car production over the past decade amid concerns about overcapacity. Nio had previously been producing cars under JAC's qualification.