（Cover image source: Teslarati）
On March 4th, JAC Motors released a notice stating that it has signed a letter of intent for joint venture with NIO Holdings Limited, and has decided to establish a new joint venture company, tentatively named “Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd.”
The registered capital of the joint venture company is planned to be RMB 500 million, and JAC Motors plans to contribute RMB 255 million, accounting for 51% of the total registered capital; NIO plans to contribute RMB 245 million, accounting for 49% of the total registered capital.
The business scope of the joint venture company is planned to include: manufacturing of intelligent electric vehicles and their components, process development, manufacturing management, operation services; supply chain management; research and sales of automotive components; technology consultation, technology transfer, technology services, personnel training related to intelligent electric vehicles; exhibition services and business services related to the above-mentioned activities. The above-mentioned business scope shall be subject to the business license finally issued to the joint venture company.
The board of directors of the joint venture company is planned to be composed of five directors. JAC Motors has the right to appoint three directors, while NIO has the right to appoint two directors. The board of directors shall have one chairman and one vice chairman. The chairman is planned to be appointed by JAC Motors, and the vice chairman is planned to be appointed by NIO.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.