NIO, a Chinese electric vehicle company, has signed a five-year strategic partnership agreement with CATL, its current sole battery supplier. The agreement involves technical cooperation for new brands, projects, and markets and is intended to deepen and upgrade their existing strategic partnership.
Additionally, NIO has announced plans to bring in a new battery supplier and increase its own battery development efforts.
The partnership will include coordinating supply and demand, expanding business overseas, and collaborating on business models utilizing long-life batteries.
Zhu Wei, executive president of CATL’s passenger vehicle division, and Zeng Shuxiang, senior vice president of NIO, signed an agreement on behalf of their respective companies.
The ceremony was witnessed by CATL’s founder, chairman, and CEO, Robin Zeng, and NIO’s founder, chairman, and CEO, William Li. The partnership aims to achieve mutual benefits and win-win results.
CATL and NIO will collaborate on the development of a highly efficient battery supply system utilizing advanced technology. The companies will leverage their respective strengths to enhance innovation and efficiency, improve the user experience for electric vehicle drivers, and boost the competitiveness of China’s NEV industry, according to CATL.
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