NIO Automotive plans to set up a battery asset management company, Ningde Times, which is expected to invest.

ON JULY 23 (UPI) — ELECTRIC CAR MAKER NIO IS PLANNING TO SET UP A BATTERY ASSET MANAGEMENT COMPANY THAT IS EXPECTED TO RECEIVE INVESTMENT FROM THE NINGDER ERA, ACCORDING TO FOREIGN MEDIA REPORTS. It is reported that the battery asset management company will be set up in August this year, set up to manage NIO car battery assets, and help NIO car to car and battery assets to separate ownership. The company is seeking financing, and lithium-ion battery maker CATL has made its investment clear.

NIO Automotive plans to set up a battery asset management company, Ningde Times, which is expected to invest.

As one of the new forces in car making, NIO Automotive pays great attention to the technical investment and post-operation of vehicles, which also makes the company’s operating and manufacturing costs high. For the whole of last year, the company lost 11.4 billion yuan.

This year, NIO Automotive’s financing path has been relatively smooth. In February, the company announced that it had raised $100m in convertible bonds , or convertible bonds , to two Asian investment funds .

In April, the company signed a framework agreement with The City of Hefei to secure a strategic financing of 7 billion yuan for the latter, which brought the company the funds it needed.

In June, the company announced the completion of the 72 million shares of American Depositary Shares (ADS), which traded at $5.95 a share and raised about $430 million.

Earlier in July, NIO China and six banks, including the Anhui branch of China Construction Bank, held a signing ceremony for the strategic cooperation of NIO China’s banking enterprises. Under the strategic agreement, the six banks signed the agreement will provide 10.4 billion yuan of comprehensive credit to NIO China to support the operation and development of NIO China’s business.

On Saturday, NIO announced that the 50,000th mass-produced vehicle was on the line at its Hefei manufacturing base. Since the first production vehicle sits off the line, the company has completed a leap from 1 to 50,000 in 783 days, with an average of nearly 64 NIO cars moving off the production line every day.