Exclusive-China's Nio turns to rival BYD to power new EV brand, sources say

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BYD Batteries News

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China electric vehicle maker Nio has struck a deal with larger rival BYD to source batteries for an EV brand priced at a lower range that aims to compete...

SHANGHAI - China electric vehicle maker Nio has struck a deal with larger rival BYD to source batteries for an EV brand priced at a lower range that aims to compete with Tesla, three sources with direct knowledge of the matter said.

When contacted by Reuters, Nio said the information was "inaccurate" and did not elaborate. CALB declined to comment while CATL and BYD did not respond to requests for comment. BYD has been renovating production lines for battery packs to supply Onvo at its plant in Wuwei in eastern Anhui province, one of the people said. -- A 65% slide in VinFast Auto Ltd.’s stock this year underlines the challenge faced by the electric-vehicle maker backed by Vietnam’s richest man.

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