China Economic Net, November 22 (Reporter Jiang Zhiwen) "The investment and cooperation information related to BYD and NIO that has been circulating online is seriously untrue! Please do not believe the rumors and do not spread them," said Li Yunfei, General Manager of BYD's Brand and Public Relations Department, at around 17:30 this afternoon.
Just about half an hour ago, NIO's public relations director, Ma Lin, posted on his WeChat Moments that there were "too many bad guys", accompanied by chat records with Li Yunfei. According to the chat records, Ma Lin sent Li Yunfei a screenshot of "BYD and NIO Group cooperate to establish BYD Future Automotive Group" and asked if the latter could help check if he was a BYD employee. "If he is a BYD employee, please clarify and apologize; if not, we can report to the police together." The screenshot was posted by a person certified as a BYD employee.
The screenshot shows that BYD has partnered with NIO Group to establish BYD Future Automotive Group, with BYD holding a 51% stake and NIO holding a 49% stake. Compared to the acquisition of NIO by Future Automotive Group for 16.5 billion yuan, BYD provides financial and technological support. After the acquisition, BYD Group directly controls NIO, but NIO is still independently operated by NIO Group.
The screenshot also shows that this acquisition aims to achieve resource integration and complementary advantages. BYD's Yi Si Fang Yi San Fang technology enhances NIO's competitiveness in the new energy vehicle market. Through measures such as technological collaboration, production and supply chain optimization, and market expansion, NIO aims to consolidate its high-end position and create greater value, promoting the development of the new energy vehicle industry.
On November 20th, NIO released its financial report showing that its third quarter revenue was 18.67 billion yuan, a year-on-year decrease of 2.1% and a month on month increase of 7.0%; Net loss of approximately 5.06 billion yuan; Free cash flow has turned positive, and as of September 30th, cash reserves have risen to 42.2 billion yuan. In the first three quarters of this year, NIO achieved a revenue of 46.03 billion yuan and an overall gross profit margin of approximately 9.1%.
Li Bin, the founder, chairman, and CEO of NIO, stated during the third quarter earnings conference call that NIO will enter a new product cycle starting next year, with new product deliveries from Ledao and Firefly brands, and the company will enter a faster growth phase. The goal is to achieve 100% sales growth by 2025 and profitability by 2026.