NIO's Key Vehicle Producer Plans Asset Sale: Report

Anhui Jianghuai Automobile Group Corp., a key producer of electric vehicles for the electric vehicle maker NIO Inc. NIO, has reportedly declared its intentions to offload certain assets, including a car factory.

The sale, which includes equipment and inventory, is estimated to be worth around 4.5 billion yuan ($615 million), reported Bloomberg.

Also Read: NIO Explores Dealer Network Expansion To Drive European EV Sales: Report

Some assets are from two manufacturing facilities that produce NIO EVs and started operating in 2018 and 2022.

In a statement to Bloomberg, NIO said it is aware of the situation at its partner and also added that it won’t affect production.

NIO delivered 15,641 vehicles in September, representing an increase of 43.8% year-over-year. The deliveries consisted of 11,504 SUVs and 4,137 sedans.

Vehicle deliveries for the third quarter totaled 55,432, up 75.4% on a year-over-year basis. Cumulative deliveries have now climbed to 399,549.

Also See: Tesla Analysts Lose Sleep Over Q3 Margins, Rivian Stock Now Attractively Valued, Fisker Eyes Chinese Frontier And More: Biggest EV Stories Of The Week

Price Action: NIO shares are trading higher by 0.65% at $7.74 on the last check Friday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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