Beijing Blacklists Nio Unit That Has Yet to Open Its Doors
Xu Wei
DATE:  Nov 14 2019
/ SOURCE:  yicai
Beijing Blacklists Nio Unit That Has Yet to Open Its Doors Beijing Blacklists Nio Unit That Has Yet to Open Its Doors

(Yicai Global) Nov. 13 -- Authorities in Beijing have added a subsidiary of electric vehicle startup Nio to a list of enterprises deemed to have abnormal business operations after they were unable to contact the firm at its registered address.

Nio Automotive Tech was blacklisted by a branch of the city's market regulator in the Beijing Economic-Technological Development Area, according to information on the National Enterprise Credit Information Publicity System.

The unit was registered in the development zone on July 23 but is not yet in operation, Nio responded on its Weibo account today. The Shanghai-based automaker owns 85 percent of the firm and founder Li Bin is its legal representative.

Nio's loss widened over 25 percent to CNY3.28 billion (USD467.2 million) in the second quarter, according to earning results released in September. It delivered 3,553 vehicles over the period, 436 fewer than in the first quarter.

But 2,516 of its vehicles were insured with compulsory auto liability insurance in October, up 27.6 percent from the same time last year, according to data published by the China Automotive Technology and Research Center on Nov. 11.

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Keywords:   NIO,Auto