With full control over all core processes of vehicle production, Nio will be able to improve its manufacturing efficiency and have more leverage in the fierce competition.
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Nio said it will acquire the manufacturing equipment and assets of the F1 and F2 plants from JAC for a total consideration of about RMB 3.16 billion.
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China has imposed restrictions on car production over the past decade amid concerns about overcapacity. Nio had previously been producing cars under JAC's qualification.
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As JAC's deal to sell its factory assets comes to a deadline, rumors that Nio will buy them and announce its own car-making qualifications are circulating widely on Chinese social media.
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The two will build luxury smart connected EVs based on Huawei's smart car solutions, with product development under the overall responsibility of JAC.
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After Changan, Geely, JAC may also join Nio's battery swap system, local media said.
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Nio acquired Leopard in a government-coordinated buyout to qualify for vehicle production, and potential further acquisitions of two of JAC's plants will allow it to end its history of contract manufacturing, local media said.
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Nio pays JAC for each vehicle produced on a per-vehicle basis monthly. It paid JAC an average of about $1,260 per vehicle in 2022.
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JAC plans to sell the assets of two factories that make vehicles for Nio, which the latter may acquire and seek independent EV production qualification, local media said.
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JAC's major customer Nio's shipments in the second half of 2023 are expected to grow by about 100 percent from the first half, which will be a key growth driver for JAC in the second half of the year, Kuo said.
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