Chinese electric vehicle (EV) startup Nio has signed a framework agreement with the Hefei government to set up its China headquarters in Hefei, the capital of Anhui province, the company announced on Tuesday.
According to the agreement, Nio will establish headquarters in Hefei and build new facilities for research, sales, and manufacturing there. The company plans to raise over RMB 10 billion (USD 1.4 billion) for this project, according to Hefei government’s statement.
Meanwhile, Nio has also launched mass production of its EC6 models in the JAC NIO Advanced Manufacturing Center in Hefei. As the EV startup’s third production model, the EC6 sedan was unveiled in December 2019. Details, such as price and configuration, will be revealed in July 2020.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.