Start-up Nio plans joint venture with GAC
EV start-up Nio is about to create a joint venture with the Chinese Guangzhou Automobile Group (GAC). Both companies are willing to cooperate on several fields.
Thus, Nio and GAC seek to join forces in the research and development of connected EVs and PHEVs and the production of car components. Together, Nio and GAC will invest 1.28bn yuan (around 164m euros) in their new joint venture.
Just recently, Nio has launched its first EV, the ES8. The electric SUV is offered with battery swap option and Nio also wants to run vans as mobile power banks when an EV ran out of juice. Pricing starts at 57,800 euros before incentives, or 44,900 euros without the battery which Nio offers for rent optionally.