CATL will supply 100 kWh batteries to the Nio brand and 85 kWh batteries to the Onvo brand, says CnEVPost
[SINGAPORE] Shares of Chinese electric vehicle maker Nio on the Singapore Exchange soared as much as 6.7 per cent on Monday (Dec 29) on the back of a report that it will be relying more on CATL batteries.
The counter climbed as high as US$5.29 as at 10.19 am on Monday, having closed on Dec 26 at US$4.96.
Industry publication CnEVPost on Dec 27 said Nio had ended a battery supply agreement with BYD battery unit FinDreams, citing local publication 36Kr’s report based on industry sources.
These 85 kilowatt-hour (kWh) batteries had been meant for the L60 sports utility vehicle (SUV) sold by Nio’s Onvo brand, but orders had been reportedly insufficient to support multiple suppliers. Instead, the L60 will now use batteries from CATL.
The 100 kWh batteries meant for the Nio brand itself will now also be supplied by CATL, having previously been supplied partly by CALB, said CNEvPost.
Nio on Monday also hit a 40,000-deliveries milestone for its ES8 SUV, just 11 days after crossing the 30,000-deliveries mark. The third generation of the electric car model was launched just 100 days ago.
In October, Singapore’s sovereign wealth fund GIC filed a lawsuit against Nio and its top executives, alleging that Nio unlawfully recognised immediate revenue of more than US$600 million from a battery asset and leasing joint venture.
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