Automaker NIO to settle China headquarters in Hefei city

A Nio ES6 model is displayed at the Chengdu auto show. (Photo: China Daily)

HEFEI - Chinese electric vehicle maker NIO Inc said it plans to establish its China headquarters in Hefei, capital of eastern China's Anhui province.

Its China headquarters will be an integrated base for headquarters management, R&D, sales services and supply chain manufacturing, NIO said.

NIO will inject its core businesses in China including vehicle R&D, supply chain and manufacturing, sales and service and energy services, as well as related assets into NIO (Anhui) Holdings Co Ltd the legal subject of NIO China.

NIO will also invest 4.26 billion yuan ($602 million) in NIO China and own 75.9 percent of the shares in the new company, while its strategic investor will hold the remaining shares, according to an investment agreement signed Wednesday.

Founded in November 2014, NIO completed its initial public offering on the NYSE in September 2018. Its global headquarters is in Shanghai.