Nio partners with BYD for new EV brand to compete with Tesla, shifting focus to cost-cutting.

From Investing.com: 2024-05-07 01:10:26

Chinese electric vehicle maker Nio partners with BYD to source batteries for a new EV brand aimed at competing with Tesla. Nio, previously focused on the premium market, shifts focus to cutting costs with the new brand named “Onvo.” BYD and CATL will supply batteries for different versions of the new EV.

Nio had planned to produce batteries in-house but abandoned the idea. The new Onvo L60 is expected to compete with Tesla Model Y. Chinese EV buyers prefer lower-range batteries for cost savings. BYD, focused on its own EV production, is now supplying batteries to external clients like Nio.



Read more at Investing.com: Exclusive-China’s Nio turns to rival BYD to power new EV brand, sources say By Reuters