Nio and Suning Reach Strategic Cooperation

Nio said the two parties will strengthen strategic cooperation in various fields.
Binwei WangAug 06,2020,06:55

Nio Inc. (NYSE: NIO) announced Wednesday that it signed a strategic cooperation agreement with Suning Holdings, a Nanjing-based conglomerate and one of Alibaba's biggest partners in China.

Under the agreement, Nio said two parties will establish a long-term partnership to strengthen strategic cooperation in various fields, including channel expansion, product sales, consumer service, brand promotion, B2B cooperation, technological products and development, and create development opportunities.

Nio will open its showroom in Suning's exhibition center and is planning to build an automotive smart retail experience store. In addition, Nio members will enjoy platinum membership benefits at Suning Hotels, while conversely, NIO and its partners will become preferred customers of Suning Hotels.

The Shanghai-based electric vehicle maker said it delivered 3,533 vehicles in July, up a whopping 322% year-over-year. 

The pre-subsidy price for its five-passenger electric coupe SUV EC6 would start at 386,000 yuan. The company expects deliveries to start in September.

Shares of NIO Inc. up nearly 1.14% by midday, trading at $13.8 in New York.