China’s Nio turns to rival BYD to run new EV brand
May 7, 2024
Chinese electric vehicle maker Nio has struck a deal with larger rival BYD to source batteries for a lower-priced EV brand that aims to compete with Tesla, three sources with direct knowledge of the matter said.
The deal is a win for BYD, which is looking to expand its revenues beyond EV sales under its own brand. It also shows the impact of the Chinese market’s relentless competition on the price of new EVs and batteries, which are the biggest single cost in a new vehicle.
