NIO increased its stake in Jianglai Advanced Manufacturing Technology (Anhui) Co., a newly established joint venture with Jianghuai Automobile Group Co. (JAC).
Data from Qichacha shows the change in shareholder information to its scope of operations on March 14
According to the data, the registered capital of Jianglai Advanced Manufacturing Technology (Anhui) Co increased 4.08 percent to RMB 255 million from RMB 245 million. NIO’s shareholding in the joint venture increased to 50 percent from the previous 49 percent.
This move gives NIO a bigger voice in Jianglai Advanced Manufacturing Technology (Anhui) co-developed with JAC.
On March 4 last year, JAC and NIO signed a letter of intent to establish a joint venture. Jianglai’s planned registered capital is RMB 500 million, with JAC contributing 51 percent and NIO 49 percent.
NIO and JAC deepen manufacturing cooperation to optimize operating costs, and improve operational efficiency and management capabilities, Shen Feng, executive vice president of NIO, said at the time.
Jianglai’s business scope has also been expanded from what previously included smart electric vehicle production and supply chain management to more items including motor vehicle production.