Deals

Nio and Times China will work together in areas including new energy facilities placement and brand marketing.

SK Innovation signed a contract with Xpeng in July to supply it with high nickel batteries with 80 percent nickel content, according to the report.

Neta is currently targeting the affordable market, though a series of recent moves suggest it could launch more competitive models next year.

The project will be divided into two sub-projects, with the first sub-project of 12 GWH expected to start construction in October 2021.

This confirms previous rumors that Li Auto will abandon its current range-extender supplier.

The Neta S, which will be launched next year, is the first model to be created by the two companies, and it will use Huawei's MDC smart driving computing platform and LiDAR technology.

Svolt Energy added several new shareholders on August 18, including Hubei Xiaomi Changjiang Industry Fund, backed by smartphone giant Xiaomi.

Nio Capital, the venture capital business of Nio, first invested in NewLink in 2019 and has participated in a total of three of its financings.

Hangzhou government fund invested RMB 3 billion and other investors included CICC Capital, according to the announcement.

After Tesla built a factory in Shanghai, Nio's relationship with the city, where it has its global headquarters, seemed to drift apart. But the latest move may signal that the company is upping its bets here.