No, BYD is not taking over NIO as fake rumors claim

Electrek11-22

A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but ...

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The rumor was posted by a suspected BYD employee, but ...</p>\n\n<a href=\"https://electrek.co/2024/11/22/byd-not-taking-over-nio-fake-ev-rumors-claim/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4504","symbol_name":"桥水持仓","start_time":0,"source_url":"https://electrek.co/2024/11/22/byd-not-taking-over-nio-fake-ev-rumors-claim/","article_id":"2485298366","we_media_id":null,"thumbnails":["https://electrek.co/wp-content/uploads/sites/3/2024/11/BYD-taking-over-NIO-EV.jpeg?quality=82&strip=all&w=1400"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485298366","pubTimestamp":1732289182,"sourceInfo":{"source_id":"electrek_highlight","name":"Electrek"},"weMediaInfo":null,"summary":"A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. 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The rumor was posted by a suspected BYD employee, but NIO is denying the claim.\n\nBYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.\nAccording to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.\nMa posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.\nEarlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.\nMa told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.\nNIO Onvo L60 electric SUV at the 2024 Guangzhou International Auto Show (Source: NIO Onvo)\nNIO denies rumors that BYD is taking over the company\nThis is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.\nBYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.\nBYD Dolphin (left) and Atto 3 (right) Source: BYD\nAfter selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth. \nOctober was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.\nOnvo L60 electric SUV models (Source: NIO Onvo)\nNIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.\nMa said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”\nNIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485298366"}