Yesterday, a Chinese Weibo tipster rumored that NIO would receive a 10billion yuan credit from some Chinese banks, Today, we got confirmation from NIO official, NIO and China Construction Bank Anhui Branch (as well as six other banks) held a signing ceremony of NIO’s strategic cooperation between Chinese banks and enterprises this morning.
It is understood that according to the strategic agreement, the six banks signed this time will provide NIO-China with a 10.4 billion yuan (~US$1.48 billion) comprehensive credit to support the operation and development of NIO’s business in China. The strategic cooperation agreements signed with NIO-China include China Construction Bank Anhui Branch, Industrial and Commercial Bank of China Anhui Branch, Bank of China Anhui Branch, Agricultural Bank of China Anhui Branch, Industrial Bank Hefei Branch and China Merchants Bank Hefei Branch. NIO-China will carry out extensive cooperation with various banks in business areas such as enterprise account system construction, supply chain finance, and auto finance.
Li Bin, founder, chairman, and CEO of NIO said at the scene: “Today’s signing of the strategic cooperation between banks and enterprises will accelerate the construction and business development of NIO’s headquarters in China. Next, NIO will increase the size of the Hefei team and deepen cooperation with its local supply chain.”
Since 2020, NIO has accumulated more than 10 billion yuan in the financing, and now has another 10.4 billion bank credits, which can further solve NIO’s potential cash flow problems.