More EVs hailing from China.

GAC NIO New Energy Automotive Co.,Ltd (GAC NIO) will launch an all-new car brand that focuses on the R&D, sale and relevant services of all-electric vehicles, the company announced on April 1 through its official WeChat account.

GAC Group and the startup NIO, two parent companies of GAC NIO, will jointly invest in the new car brand and co-hold equity with GAC NIO's founder team.

GAC Group and NIO signed a strategic cooperation agreement and new energy vehicle (NEV) project agreement on December 28, 2017. According to the agreements, two companies would cooperate in such areas as R&D of intelligent-connected NEVs and manufacturing of automotive parts, and operations.

At the same time, two sides announced that they would fund a new company, namely, GAC NIO. Primary operations of the company include R&D, sale and services related to intelligent-connected NEVs. GAC NIO was officially founded in April, 2018 with a planned investment of RMB1.28 billion and registered capital of RMB500 million, of which, GAC Group and NIO account for 22.5% and 22.5% ownership respectively.

GAC NIO said it is essentially a “jointly-created company” rather than a “co-funded joint venture” in traditional sense. Under this business mode, GAC NIO will build an open, independent platform available for sharing that integrates resource of the whole value chain, making innovation from aspects of industry, resource, technology and users, so as to jointly build an all-new mobility ecosystem

Source: Gasgoo