Employees work on an ambulance at a workshop of a MPV production branch of Jianghuai Automobile Group Corp., Ltd. (JAC) in Hefei, capital of east China's Anhui Province, Feb. 25, 2020. (Photo by Huang Bohan/Xinhua)
BEIJING, March 5 (Xinhua) -- Chinese automaker Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Group) announced on Thursday that it has signed an agreement with NIO Inc., a leading Chinese electric vehicle manufacturer, to set up a joint venture (JV) in Hefei, capital of east China's Anhui Province, the Xinhua-run Shanghai Securities News reported on Friday.
According to the report, the joint venture will have a registered capital of 500 million yuan.
JAC Group will invest 255 million yuan and NIO Inc. will invest 245 million yuan in the joint venture.
This JV will be devoted to promoting the transformation and upgrading of the automotive industry, and exploring innovative business models.
JAC Group said that at present, the joint venture is still in the planning stage and will not affect the company's operating performance.
(Edited by Yang Yifan with Xinhua Silk Road, email@example.com)