BYD and NIO Deny Plans to Establish A Joint Venture Company

On November 22, Li Yunfei, the General Manager of Brand and Public Relations Department of BYD Group, posted on his personal Weibo account stating, “The investment and cooperation information related to BYD and NIO circulating on the internet is seriously untrue! Please do not believe or spread rumors.”

Earlier, there were reports that BYD and NIO would collaborate to establish the ‘Biweilai Corporation’, with BYD holding 51% of the shares and NIO holding 49%. The ‘Biweilai Corporation’ acquired NIO for 16.5 billion yuan, with BYD providing financial support and technology. After the acquisition, the ‘Biweilai Corporation’ directly controls NIO, but NIO continues to operate independently under the NIO Group.

The above message also caught the attention of Ma Lin, Assistant Vice President of NIO. On November 22nd, Ma Lin responded on his personal Weibo account, saying, “The company’s recent situation is quite good, with positive cash flow in the third quarter, further increase in gross profit in October, and LeDao expected to exceed ten thousand (vehicles) in December. Thank you for your concern and support; we will continue to charge forward.”

At the same time, Ma Lin also attached a screenshot of his communication with Li Yunfei via WeChat regarding the above content. The screenshot shows: “Can you help check if this person is an employee of BYD? If they are from BYD, please ask them to clarify and apologize. If not, we can report it together.”

SEE ALSO: BYD Will Invest 100 Billion Yuan in Developing AI and Smart Technology for Cars

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