(Yicai) Oct. 20 -- Chinese carmaker Jianghui Automobile Group is selling two of its factories, both of which produce Nio electric cars, but the new energy vehicle company had no comment to make when contacted by Yicai.

JAC is selling its third plant and Xinqiao plant, also known as F1 and F2 that both manufacture Nio electric cars, for CNY4.5 billion (USD615 million) to optimize its asset structure, the Hefei, eastern Anhui province-based carmaker said yesterday.

JAC’s decision will not affect Nio’s manufacturing and operations, a manager at the EV startup, which is also headquartered in Hefei, told Yicai.

Rival Li Auto acquired a factory belonging to Beijing Hyundai, the joint venture between South Korea’s Hyundai Motor and BAIC Motor, in June 2021 and spent CNY6 billion (USD822.6 million) on renovating it. The firm was granted a production license for new energy vehicles at the Shunyi plant by the Ministry of Industry and Information Technology in June.

JAC’s share price [SHA: 600418] was trading up 1.5 percent at CNY14.52 (USD2) as of 1 p.m. China time today, giving it a market valuation of CNY31.5 billion (USD4.3 billion). The stock has gained around 10 percent in value since the end of last month.

Editor: Kim Taylor