The company has a registered capital of RMB 2 billion ($275 million) and its business scope includes battery manufacturing and battery sales.
(Image credit: CnEVPost)
NIO has recently established a battery business subsidiary, potentially paving the way for its efforts in the field of battery making.
The company, called NIO Battery Technology (Anhui) Co Ltd (蔚来电池科技（安徽）有限公司), was registered on October 21 in Hefei, Anhui province, where the electric vehicle maker has two factories, according to data provider Qichacha.
The company has a registered capital of RMB 2 billion ($275 million) and is wholly owned by NIO Holding Co Ltd.
Its legal representative is Zeng Shuxiang, who is also NIO's senior vice president and CEO of its motor business subsidiary XPT. William Li, founder, chairman and CEO of NIO, serves as the battery company's chairman.
The business scope of the new subsidiary includes battery manufacturing, battery sales, graphite and carbon products manufacturing, synthetic materials manufacturing, auto parts and accessories manufacturing, and resource recycling technology research and development.
This is the first time we have seen NIO set up a subsidiary related to battery manufacturing, after William Li, the company's founder, chairman and CEO, confirmed in a conference call on June 9 that the company would develop its own batteries.
NIO has a battery team of more than 400 people to research areas including battery materials, cells, and battery management systems to fully establish battery system development and industrialization capabilities, he said at the time.
The company will start production of its new battery pack, which will support 800V high-voltage fast charging, in 2024, according to Li.
Li's confirmation of the plan comes after an environmental assessment report in late May showed that NIO plans to invest RMB 218.5 million in Shanghai, where its global headquarters is located, to build a lithium battery lab and cell trial line.
On August 24, local media LatePost reported that NIO is developing lithium manganese iron phosphate (LMFP) and 4680 cells in-house.
NIO will put LMFP batteries into small-scale production to supply the brand codenamed ALPS, which is targeting the RMB 200,000-300,000 market and is expected to be available in 2024, the report said.