According to Qichacha, on February 28, NIO Holdings Limited welcomed Hefei Jianxiang Investment Co., Ltd. and Anhui High-tech Yuwen Weiyuan Technology Partnership Enterprise (Limited Partnership) as new investors, with a combined capital injection of approximately 400 million yuan. Hefei Jianxiang holds a 3.46% stake, while Anhui High-tech Yuwen Weiyuan holds 1.38%.

Founded on November 28, 2017, NIO is led by Li Bin as its legal representative and chairman. The company's scope encompasses technology development, services, transfer, and consultation for new energy vehicles and related components, as well as the wholesale of auto parts, machinery, and equipment.

Image source: Qichacha

Public records indicate that Hefei Jianxiang Investment is a wholly-owned subsidiary of the Hefei State-owned Assets Supervision and Administration Commission, whereas Anhui High-tech Yuwen Weiyuan Technology Partnership is indirectly controlled by the Anhui Provincial Investment Group, with the ultimate controller being the Anhui Provincial State-owned Assets Supervision and Administration Commission.

Since Hefei's initial state-owned capital injection of 7 billion yuan in 2020, the two entities have collaborated extensively in R&D, manufacturing bases, charging infrastructure, and battery swapping networks, fostering a collaborative ecosystem spanning the entire new energy vehicle industry chain.

The addition of these two state-owned investors further cements the capital ties between NIO and the Anhui local government, while also invigorating NIO's operations.

In the first three quarters of 2024, NIO incurred losses totaling 15.526 billion yuan. Since 2018, the company has consistently reported losses, amounting to a cumulative 102.156 billion yuan.

Amidst ongoing losses and expanding operations, coupled with significant technology investments, NIO's capital chain faces continuous pressure. This latest state-owned capital injection not only shores up NIO's operational stability but also sends a positive signal to the capital markets.

NIO's founder, Li Bin, has frequently praised Hefei's business environment as a crucial factor in the company's steady progress. The long-term support from local governments in technology R&D and industrial chain development has bolstered NIO's confidence in tackling industry challenges.

Data reveals that in the first two months of 2025, NIO delivered a cumulative 27,000 vehicles, with the Ledao brand contributing less than 10,000. NIO has set a target of 440,000 vehicles for 2025 and harbors high expectations for the Ledao brand, which targets the 200,000 yuan mainstream market. Ai Tiecheng, President of Ledao Automobile, issued an ambitious target last December, aiming to sell 15,000 vehicles in February and 20,000 in March, vowing to step down if these targets are not met.

However, there is a notable gap between Ledao's monthly targets and NIO's annual targets. Beyond state-owned capital investment, the Hefei government is also devising strategies to boost NIO's sales. On March 6, the Hefei Economic and Technological Development Zone Management Committee released the "Discussion Draft of the Development Plan for Supporting the Pilot Application of Battery Swapping Mode for New Energy Vehicles," offering special subsidies to enterprises promoting this technology. Concurrently, NIO launched a subsidy plan for its entire model lineup.

Moreover, new models such as the ES6 and EC6 are scheduled for mid-year launch, followed by the unveiling of the Ledao L90 and Firefly. Through product matrix optimization and multiple state-owned capital injections, it remains to be seen whether NIO can achieve its 2025 sales target and realize its vision of profitability by 2026.