Nio confirmed for the first time its collaboration with McLaren, with most of its technical service revenue stemming from the partnership, founder and chief executive William Li said on Tuesday.
The comments came a day after Nio released its second-quarter earnings report, which showed that external technical service revenue contributed positively to the company’s gross margin. Speaking at a media briefing at Nio’s Shanghai headquarters, Li noted the importance of the tie-up with the UK automaker.
“If you look at the news, you’ll see that our major shareholder, Abu Dhabi’s CYVN Holdings, has acquired McLaren,” Li said. “We began collaborating in the first quarter, with increased cooperation in the second quarter.”
Nio reported other sales revenue of RMB 2.87 billion ($401 million) for the second quarter, up 62.6% from a year earlier and 37.1% from the first quarter. The company attributed the increase to stronger used car sales, technical research and development services, and higher sales of parts, accessories, and after-sales services.
Li said revenue from McLaren-related projects was not stable and fluctuates over time, without providing further details.
CYVN Holdings completed two investments totaling $3.3 billion in Nio in 2023, becoming its largest shareholder with a 20.1% stake. Earlier this year, media reports suggested Nio was working on battery packs for McLaren’s hybrid models, based on its in-house developed 4680 cylindrical battery cells. Small-scale production is expected to begin in 2026, according to those reports.