What will NIO plan with the joint venture with JAC?

On March 4, Jianghuai Automobile announced that the company and NIO Holdings Co., Ltd. signed a letter of intent for a joint venture. The two parties intend to establish a joint venture "Jianglai" Advanced Manufacturing Technology Co., Ltd. in Hefei, China. The registered capital of the joint venture is planned to be 500 million yuan. . Today, just a few days after the financial report meeting, Jianghuai announced the intention of the two parties to establish a joint venture. According to the announcement, the registered capital of Jianglai Manufacturing is planned to be 500 million yuan. Among them, Jianghuai Automobile plans to subscribe 255 million yuan, accounting for 51% of the total registered capital; NIO Automobile plans to subscribe 245 million yuan, accounting for 49% of the total registered capital. In addition, Jianglai Manufacturing's board of directors will be composed of three directors appointed by Jianghuai Automobile and two directors appointed by NIO Automobile. On the other hand, in January this year, the first model based on NIO's NT2.0 platform, the sedan ET7, has officially unveiled. In addition, as an obviously marginalized autonomous car company, JAC has serious overcapacity problems.