TECH - Tesla Rival Nio Secures Car Production Qualification By Acquiring Local Automaker Leopard: Report | Benzinga
Tesla Inc’s rival and the leading Chinese EV maker, Nio Inc. (NYSE:NIO), has acquired local automaker Leopard, earning itself a car production certification, as reported by local media.
According to a CnEVPost report, the acquisition was part of a government-orchestrated deal to qualify NIO for independent vehicle production. The buyout will allow NIO to end its history of contract manufacturing.
The purchase of Leopard, a defunct carmaker based in Chuzhou, Anhui province, was facilitated by the Anhui provincial government and other authorities. These entities coordinated resources and communicated with parties including the National Development and Reform Commission and companies with production qualifications.
The acquisition may allow NIO to purchase two JAC factories, terminating its contract production history. The move aligns with NIO’s efforts ...