NIO Inc. ( NIO ) shares are trading relatively flat in the premarket session on Friday.

The Chinese EV maker has denied rumors about plans to take over the Audi Brussels car plant in Vorst, reported CnEV Post.

Yesterday, NIO was in the headlines after media reports emerged that the NIO delegation visited the Vorst plant in recent weeks and working on a bid to submit to Audi parent Volkswagen ( VLKAF ) by next Monday.

This was reported by the Belgian newspaper De Tijd. Belgium-based D’Ieteren is also interested in the plant, the report said.

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These speculations generated significant discussion, but the company has clarified that it has no intentions to pursue such a takeover.

Audi’s parent company, Volkswagen AG ( VLKAF ) (OTC:VLKAF), has reportedly decided to cease car production in Vorst after the last Q8 e-tron electric SUV is completed next year.

NIO stated that it had no intentions of taking over the Audi plant, with founder, chairman, and CEO William Li emphasizing that the company was cautious about investing in fixed assets, aside from battery swap stations, CnEV report noted.

CnEV quoted Li as saying, “How can NIO afford a factory that Audi can’t afford? (The rumors) are groundless.”

In Europe, NIO’s vehicles are presently offered in Norway, Germany, the Netherlands, Sweden, and Denmark, but the company has not initiated sales in Belgium.

Price Action: NIO shares are trading lower by 0.56% to $5.370 premarket at last check Friday.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.