Chinese electric vehicle maker Nio plans to spin off its battery manufacturing unit, according to two people with knowledge of the matter, as part of the efforts by the company to turn profitable, reduce costs and improve efficiency.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast. From electric cars to battery swaps to even smartphones, Chinese EV maker Nio seems to be doing it all. But it is now looking to lighten its load by spinning off its battery manufacturing unit, according to Reuters.
Eleven out of 16 planned European-led battery factories have been delayed or canceled, according to a Bloomberg News analysis. Meanwhile, 10 of 13 projects in the region by Asian manufacturers such as China’s Contemporary Amperex Technology Co. and South Korea’s Samsung SDI are on track.
LONDON/STOCKHOLM, Oct 10 (Reuters) - Sweden's Northvolt is trying to sell off its stockpile of battery-making materials, three sources familiar with the matter said on Thursday, as the company tries to shore up its finances after reining in its ambitions.
Nio’s current battery unit is headed by senior engineers who worked previously at Apple and Panasonic. During last year’s earnings report, CEO William Li said that the battery team comprised 400 people researching battery materials, cells, and battery management systems.
Watch BNN Bloomberg live. (Bloomberg) -- Northvolt AB, the cash-strapped European battery maker, reached a deal to sell its US factory to a startup that’s trying to reduce America’s reliance on China for batteries.