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January 3, 2018

NIO/GAC join team on new energy vehicle project

NIO has signed an agreement and new energy vehicle project deal with Guangzhou Automobile Group (GAC).

NIO has signed an agreement and new energy vehicle project deal with Guangzhou Automobile Group (GAC).

The two companies will cooperate in a number of areas including the R&D of intelligent and connected new energy vehicles and manufacturing of automotive parts.

NIO and GAC will establish a new company: GAC NIO New Energy Vehicle, although the name of the operation is subject to change.

Primary operations of the company include R&D, sales and services related to intelligent and connected new energy vehicles. Total planned investment of the company is CNY1.28bn (US$196m) with a registered capital of CNY500m, of which NIO and Guangzhou will account for 55% and 45% of ownership, respectively.

GAC recently released its first multi-purpose vehicle, the GM8, for the Chinese market at an event held at the Mangrove Tree International Convention Centre in Sanya.

The GM8 is developed on GAC Motor’s C-Class platform and measures five metres in length (three-metre-long wheelbase).

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