BEIJING, April 10 China's fourth-largest
automaker Chongqing Changan Automobile Co Ltd and
Nio, an electric car startup formerly known as NextEV, will form
a joint venture to cooperate on researching and selling electric
cars, Nio said on Sunday.
China is aggressively promoting electric cars to combat
urban smog and push the industry to the forefront of automotive
technology, loosening rules in recent years to allow startups
like Nio to flood the industry and challenge established Chinese
The Changan-Nio JV will focus on research, sales and service
for green cars, although under a broader partnership the two
sides will also share resources related to smart vehicle
technology, manufacturing and other areas, according to a
statement from Nio.
Financial terms of the partnership were not disclosed.
A Changan spokesman said the company had no further
information to release regarding the partnership.
Chinese tech giant Tencent Holdings Ltd was an
early backer of Nio, and rival internet company Baidu Inc
last month said it was leading a new round of
investment into the startup.
Nio has also partnered with Anhui Jianghuai Automobile Group
Corp Ltd to produce electric vehicles on a contract
(Reporting by Jake Spring)