NIO renews contracts with Jianghuai Automobile and Jianglai Advanced Manufacturing Technology
NIO (NYSE:NIO) has entered into manufacturing contracts with Jianghuai Automobile Group (JAC) and Jianglai Advanced Manufacturing Technology ((Jianglai)) regarding the joint manufacturing of NIO vehicles and related fee arrangements.
As per the new terms, from May 2021 to May 2024, JAC will continue to manufacture the ES8, ES6, EC6, ET7, and probably other NIO models in the pipeline.
In addition, JAC will expand its annual production capacity to 240,000 units.
NIO will be in charge of vehicle development and engineering, supply chain management, manufacturing techniques, and quality management and assurance.
Jianglai will be liable for parts assembly and operation management.