A Nio executive has denied a rumor that the company will be acquired by BYD, after the fake information circulated widely on social media.
A Nio (NYSE: NIO) executive denied a rumor that the company will be acquired by BYD (HKG: 1211, OTCMKTS: BYDDY) after it was widely circulated.
"The company's recent situation is quite good, cash flow turned positive in the third quarter, gross profit improved further in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December," Nio's assistant vice president for branding and communications, Ma Lin, said on Weibo today.
He shared a screenshot of a WeChat chat showing him asking BYD's head of branding and PR, Li Yunfei, if the person who posted the rumor is a BYD employee.
If he is a BYD employee, he needs to issue a clarification and apologize, and if not, then Nio and BYD can call the police together, Ma told Li.
Li later also took to Weibo to say that the rumored information about BYD's investment partnership with Nio is seriously untrue.
Earlier today, the suspected BYD employee posted content in a WeChat status saying that BYD and Nio would set up a joint venture, with BYD taking 51 percent of the shares and Nio 49 percent.
The joint venture would acquire Nio for RMB 16.5 billion and Nio will remain independent in the future, the denied rumor claimed.
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