Nio, GAC set up joint venture to develop smart car business

A conventional and an emerging carmaker have joined hands in Guangzhou to market what may be the first mass-produced electric vehicle by a Chinese technology startup, in hopes of boosting the companies' value.

"We are heading towards the direction of intelligence, connectivity, electrification, and sharing, and making breakthroughs through the partnership," said Feng Xingya, general manager of GAC Motor.

Li Bin, founder and chairman of Nio, said, "The joint venture will operate in light asset mode and devote to research and development and customer service.