Li Yunfei, general manager of the brand and PR department at BYD Group, denied rumors of a partnership with Nio.

He made his statement on Weibo, describing the reports as “seriously untrue.”

The rumors claimed that BYD and Nio planned a joint venture called Biweilai Corporation.

This venture was said to involve BYD holding a 51% stake and acquiring Nio for 16.5 billion yuan (US$2.27 billion).

Nio’s assistant vice president, Ma Lin, also denied the rumors on Weibo, stating that Nio is performing well with positive financial results and strong sales projections for its LeDao model.