NIO says addition to Pentagon's Chinese military companies list not justified

NIO Inc. (NYSE: NIO) confirmed June 9 that the U.S. Department of Defense added the electric vehicle company to its "Chinese military companies" list.

The electric vehicle maker stated it believes the inclusion is not justified, saying it is not a Chinese military company or a military-civil fusion contributor to the Chinese defense industrial base.

NIO noted that the list is not a sanctions list and that U.S. government procurement limitations tied to the designation will not impact its business operations. The company also stated that the listing does not restrict trading in its securities.

The electric vehicle manufacturer said it plans to engage with the U.S. Department of Defense to address the inclusion and will consider legal action if necessary to protect company and shareholder interests.

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