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Changan Auto forms EV partnership with local startup Nio
Reuters | 2017/4/14

BEIJING   -- Changan Automobile Co. and Nio, a startup formerly known as NextEV, will form a joint venture to develop and sell electric vehicles, Nio said.

In a bid to expand its EV market, China has loosened rules to allow startups such as Nio to challenge established Chinese automakers.

The joint venture will focus on research, sales and service for electric cars, although under a broader partnership the two companies also will share resources for smart-vehicle technology and manufacturing, Nio said on Sunday.

Financial terms of the partnership were undisclosed.

A Changan spokesman said the company had no further information regarding the partnership.

Chinese technology giant Tencent Holdings was an early backer of Nio, and rival Internet company Baidu Inc. said last month that it was leading a new round of investment into the startup.

Nio also has partnered with Anhui Jianghuai Automobile Group Corp. to produce EVs on a contract basis.

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