Shanghai (ZXZC)- The registered capital of NIO Co.,Ltd. increased by $0.5 billion to $3 billion on Sept. 18, according to the update from the Chinese business data platform Qichacha.

Founded in May 2015 and registered in Shanghai, NIO Co.,Ltd. is wholly controlled by NIO Holding Ltd., according to Qichacha. Its business scope extends to cover the development of the technologies related to new energy vehicles (NEVs) and relevant auto parts, and the sales of automobiles. Its legal representative is Qin Lihong, co-founder and president of NIO Inc.

NIO China's headquarters; photo credit: NIO

NIO Holding Ltd., previously named NIO (Anhui) Holding Co., Ltd., is the legal entity of NIO China, which is headquartered in Hefei, the capital of Anhui Province, and is financially supported by Hefei municipal government. It became the sole shareholder of NIO Co.,Ltd. in May 2020, taking over the control from NIO NextEV Limited. William Bin Li, founder, chairman, and CEO of NIO Inc., started serving as its legal representative in June 2020.

Notably, this was the third wholly-owned subsidiary of NIO Holding Ltd. to record growth in registered capital this month. In early September, NIO Automobile (Anhui) Co.,Ltd. and NIO Automobile Technology (Anhui) Co.,Ltd. saw their registered capital grow to 9 billion yuan ($1.39 billion) and 3 billion yuan ($464 million) respectively.