NIO fährt eigenständig: Kann das neue Startpunkt nach Ende der neunjährigen Auftragsfertigung die Sackgasse durchbrechen?

On July 7th, news about the cancellation of the joint venture between NIO Inc. (09866.HK) and Anhui Jianghuai Automobile Group Co., Ltd. (600418.SH, hereinafter referred to as "Jianghuai Automobile") caught the market's attention.

The National Enterprise Credit Information Publicity System shows that Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. (hereinafter referred to as "Jianglai Company") added a cancellation filing announcement. The reason for cancellation is "dissolution by resolution", and the announcement period is from June 10th to July 24th.

This marks the end of the nine - year OEM cooperation between the two parties. This move is regarded by the outside world as an important milestone for NIO to completely get rid of the "OEM dependence" and achieve independent vehicle manufacturing.

01. NIO's "Independence and Self - Reliance"

Founded in November 2014, NIO is a star company in the vehicle - manufacturing industry. At the peak in 2021, its market value exceeded $100 billion. It is also an important competitor to traditional luxury car brands such as BBA (Mercedes - Benz, BMW, Audi) and has a place in the high - end pure - electric vehicle market.

From "borrowing a shell" for OEM to wholly - owning the factory, NIO took nine years to transform from a "light - asset" model to full - chain control. The dissolution of the joint venture this time is a symbol of NIO's technological independence.

The establishment of Jianglai Company can be traced back to March 2021. It was jointly established by NIO and Jianghuai Automobile with a 50:50 equity ratio, and the registered capital was 510 million yuan. Its business scope mainly includes the production of road motor vehicles, production line management services, and supply - chain management services. The cancellation is closely related to NIO's achievement of independent production.

Since 1985, China has implemented a catalog management system for domestic automobile production. Automobile companies need to obtain vehicle - manufacturing qualifications to enter the market. The approval of vehicle - manufacturing qualifications involves two departments: the National Development and Reform Commission and the Ministry of Industry and Information Technology. The National Development and Reform Commission is responsible for the approval of automobile investment projects; the Ministry of Industry and Information Technology is responsible for the access management of automobile production enterprises and product catalogs. When NIO's products were publicized by the Ministry of Industry and Information Technology, the enterprise name shown in the "Announcement of Road Motor Vehicle Manufacturers and Products" was Jianghuai Automobile.

At the beginning of their establishment, all new - energy vehicle startups relied on qualified enterprises for OEM to achieve mass production. The cooperation partners of Li Auto, XPeng Motors, and Leapmotor are Chongqing Lifan Automobile, Zhengzhou Haima Automobile, and Hangzhou Yangtze River Automobile respectively.

The cooperation between NIO and Jianghuai Automobile began in April 2016. At that time, the two parties signed a strategic cooperation framework agreement, and Jianghuai Automobile produced NIO's models on an OEM basis. This OEM model was an important way for new - energy vehicle startups to achieve mass production at that time. In 2021, the two parties further deepened their cooperation and established Jianglai Company, focusing on the manufacturing management of complete vehicles and parts in the factory, supply - chain management, and technical consulting.

On December 5, 2023, NIO announced in the Hong Kong Stock Exchange that it would acquire the production equipment and assets of the First Advanced Manufacturing Base and the Second Advanced Manufacturing Base from Jianghuai Automobile, with a total tax - exclusive price of approximately 3.16 billion yuan. Previously, all of NIO's products were produced in these two manufacturing plants. In April 2024, NIO officially owned an independent factory and independent production qualifications, and the cooperation between Jianghuai Automobile and NIO at the manufacturing level also ended simultaneously.

In April 2024, NIO officially owned an independent factory and independent production qualifications, and the cooperation with Jianghuai Automobile at the manufacturing level also ended simultaneously. Therefore, the cancellation of the joint venture was the result of consultations between the two parties. Obtaining independent vehicle - manufacturing qualifications will enhance NIO's say in production, as well as its control over quality and cost. Purchasing the factory for independent manufacturing can reduce the unit vehicle manufacturing cost by about 10%.

02. Intensified Market Competition

From an industry perspective, the change in the cooperation model between NIO and Jianghuai reflects the dynamic adjustment of corporate strategies. Fierce market competition has put great pressure on the entire automobile industry. The slow pace of new - energy transformation has made Jianghuai Automobile's performance lackluster.

In 2024, Jianghuai Automobile's revenue was 42.202 billion yuan, a year - on - year decrease of 6.25%; the net profit attributable to the parent company was - 1.784 billion yuan, a year - on - year plunge of 1277.59%, setting the largest loss record since its listing. Behind this data are the severe challenges faced by Jianghuai Automobile against the backdrop of intensified market competition and accelerated industry transformation.

From 2017 to 2024, Jianghuai Automobile's non - recurring net profit attributable to the parent company was - 93 million yuan, - 1.877 billion yuan, - 978 million yuan, - 1.719 billion yuan, - 1.884 billion yuan, - 2.795 billion yuan, - 1.718 billion yuan, and - 2.714 billion yuan respectively.

Coincidentally, as the world's only automobile company listed in three places, NIO's continuous losses have also attracted close market attention. According to the company's annual financial reports, NIO's cumulative losses have exceeded 100 billion yuan.

In 2024, NIO's revenue was 65.73 billion yuan, a year - on - year increase of 18.2%, reaching a record high. The net loss reached 22.4 billion yuan, a year - on - year increase of 8.1%, and the average loss per vehicle sold was about 100,000 yuan. Although the delivery volume increased by 38.7% year - on - year to 222,000 vehicles, high R & D investment and operating costs, especially the investment in infrastructure construction such as battery - swapping stations, have made the road to profitability still long.

In the first quarter of 2025, NIO's performance showed a complex situation. The company's total revenue was 12.035 billion yuan, a year - on - year increase of 21.5%, but a quarter - on - quarter decrease of 38.9%. The net loss was as high as 6.75 billion yuan, a year - on - year increase of 30.2%, and a quarter - on - quarter narrowing.

This loss far exceeded market expectations, reflecting that NIO still faces significant operating pressure against the backdrop of intensified market competition and deepened internal adjustment.

What has caused the continuous blood loss? At the China Electric Vehicle 100 Forum (2025), Li Bin, the head of NIO, explained that NIO's losses are mainly due to R & D and the layout of charging and battery - swapping networks.

Since 2018, NIO's cumulative R & D investment has exceeded 50 billion yuan. During the same period, Li Auto's R & D investment was about 34.7 billion yuan, and XPeng's was 25.8 billion yuan. NIO's annual R & D investment from 2022 to 2024 exceeded 10 billion yuan, far higher than that of other competitors. Although this high - intensity R & D investment helps to enhance product competitiveness, it also exerts significant pressure on short - term financial performance.

With weak sales and tight finances, NIO has reached a crossroads of transformation and survival on its tenth anniversary.

Looking ahead, NIO faces many challenges and opportunities. Recently, business information shows that NIO Holdings Co., Ltd. received an investment of about 2.8 billion yuan from Hefei Jianxiang Investment Co., Ltd. and Anhui Gaoxin Yuwen Weiyuan Technology Partnership (Limited Partnership). The actual controllers behind the two investors are the State - owned Assets Supervision and Administration Commission of Hefei and the State - owned Assets Supervision and Administration Commission of Anhui Province respectively.

The latest delivery data shows that NIO delivered 24,900 new vehicles in June, a year - on - year increase of 17.5%. Among them, the NIO brand delivered 14,600 new vehicles; the LeDao brand delivered 6,400 new vehicles; the Firefly brand delivered 3,900 new vehicles, and the latter two both set new monthly delivery records this year. In the first half of this year, NIO's delivery volume was 114,200 vehicles, a year - on - year increase of 30.57%.

The company plans to double its sales volume to about 440,000 vehicles in 2025 and achieve profitability in 2026.

(This article is for reference only and does not constitute investment advice. The market is risky, and investment should be made with caution.)

This article is from the WeChat public account "Investor Network - Thinking Finance", author: Xie Yingjie, published by 36Kr with authorization.