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Mercedes-Benz and Nio have denied reports of a partnership, despite reports suggesting that they were considering a tie-up where Mercedes-Benz could have gained access to some of Nio’s key technologies.

It has been claimed that both Mercedes chief executive Ola Kallenius and Nio founder and chief executive William Li held talks about a collaboration earlier this year. Mercedes-Benz was apparently willing to make an investment into Nio in exchange for the latter sharing its research and development capabilities with the German marque.

However, Auto News understands that the talks did not reach a stage where the parties discussed how much the investment would be worth and what technologies would be transferred.

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Read: Nio’s Latest Creation Is The World’s First Car-Specific Smartphone

Mercedes And Nio Reject Claims Of Partnership

When asked about the potential for a partnership, Mercedes said it has no current plans with Nio but added “Ola Kallenius is in an ongoing regular dialogue with various industry leaders and peers, including William Li.” A Nio spokesperson said any talks of a collaboration with Mercedes were “untrue.”

A partnership between the duo could have helped Mercedes-Benz expand its presence in China’s rapidly growing electric vehicle market while also helping Nio expand throughout Europe and other international markets.

Reports claim that R&D and strategy teams at Mercedes were against the idea of a tie-up with Nio, suggesting it could hurt the brand’s image. Shareholders may have also been upset by the move.

Were a partnership between Mercedes-Benz and Nio to come to fruition, it wouldn’t come as a great shock. In July, Audi announced a partnership with SAIC where it will launch new EVs in China underpinned by the same platform used by IM Motors. In addition, China’s Leapmotor has been exploring potential deals with VW’s Jetta brand as well as Stellantis.

Mercedes And Nio Reject Claims Of Partnership