Nio

The two companies have also established a strategic partnership in ride-hailing service, power and energy solutions, and the production and sales of Byton models overseas.

The total auto sales also had a 4% decrease.

The EV maker might need another RMB 15 billion (USD 2.1 billion) in funding between 2019 and 2020 to stay afloat.

The EV maker might need another USD 2.1 billion in cash between 2019 and 2020 to stay afloat.

Plagued by controversies and falling sales, China’s once promising electric vehicle sector is facing a rough ride ahead.

Souces from Huzhou government also denied a rumored framework agreement signed between the two.

Chinese EV makers set sight on state-owned capitals.

China’s answer to Tesla saw its shares plunging to a record low after the announcement.