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(Picture credit score: CnEVPost)
Nio (NYSE: NIO) has gained unbiased automobile manufacturing standing, a brand new authorities submitting reveals, marking a significant milestone within the firm’s historical past.
The Chinese language electrical automobile (EV) maker has entered China’s Ministry of Business and Info Know-how’s Automobile Manufacturing Enterprise Credit score Info Administration System, that means it will likely be in a position to produce automobiles underneath its personal title.
Nio was not beforehand within the system, as its automobiles had been produced underneath the title of its associate, Anhui Jianghuai Vehicle Group (JAC).
Nio’s automobiles are manufactured at 299 Baita Street within the Hefei Financial and Technological Improvement Zone in Anhui province, the tackle of Nio’s F2 plant at NeoPark in Hefei, Anhui province, which CnEVPost visited on the finish of final month.
Nio automobiles are presently produced at two factories in Hefei — F1 and F2, with the previous getting into service in 2018 and the latter in September 2022.
Previous to 2019, the manufacturing of Nio automobiles was accomplished by JAC, Ji Huaqiang, the EV maker’s vice chairman answerable for manufacturing operations, mentioned in an interview with English-language media retailers, together with CnEVPost, on the F2 plant in Hefei on the finish of final month.
Later, the 2 shaped a three way partnership known as Jianglai, which is answerable for the general manufacturing technique of Nio automobiles, Ji mentioned.
On March 31, 2021, Jianglai was formally established with a registered capital of RMB 500 million, initially 49 p.c owned by Nio and 51 p.c by JAC, as beforehand reported by CnEVPost.
In April 2022, Nio elevated its stake in Jianglai from 49 p.c to 50 p.c.
China requires native carmakers to have {qualifications} issued by the financial planner Nationwide Improvement and Reform Fee (NDRC) to provide automobiles underneath their very own model names.
Nio would not have such {qualifications}, and it beforehand used JAC’s {qualifications}, with automobiles produced at two factories it inbuilt partnership with JAC, with Nio paying for contract manufacturing.
The corporate’s native counterpart, Xpeng (NYSE: XPEV), additionally initially adopted contract manufacturing, with its first manufacturing automobile, the G3, being constructed by Haima Motor.
Xpeng’s contract manufacturing settlement with Haima ends on December 31, 2021, after which Xpeng produced the automobiles utilizing the manufacturing credentials it gained by means of an acquisition.
Li Auto (NASDAQ: LI) acquired its personal manufacturing credentials by means of an acquisition earlier than it started mass manufacturing of its first mannequin, the Li One.
Nio rumored to announce deal to purchase JAC’s manufacturing unit belongings quickly