Chinese electric vehicle company Nio canceled an affiliated company, Shanghai Nio New Energy Vehicle Co. with a registered capital of RMB 1.28 billion ($200 million), on April 20.

The company was established in December 2017, and its legal representative was Qin Lihong, co-founder and president of Nio.

Its business scope includes technology development, technology transfer, technology consultation, and technical services for new energy vehicle parts; sales of new energy vehicles, and provision of related ancillary services.

The company is jointly owned by Shanghai Nio Automotive Co. and Shanghai Nio Technology Co.

It is worth noting that this is only one of the many affiliated companies of Nio, and this adjustment may be due to the consideration of business strategy.

On April 29, 2020, Nio signed an agreement to invest in Nio China with strategic investors including Hefei Construction Investment Holding (Group) Company Limited, and reached an agreement with the Hefei Economic and Technological Development Zone to locate Nio China's headquarters.

On October 9, 2020, Nio announced the official opening of Nio China's headquarters in the Anhui Pilot Free Trade Zone.

NIO officially opens its China headquarters in Hefei

(Source: Tianyancha)