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2 Chinese EV companies seem to be ganging up on Elon Musk's Tesla [Business Insider]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
The alliance between the two companies will likely intensify pressure on Tesla in China. Two of Tesla's biggest rivals in China are joining forces in yet another blow to Elon Musk Local EV giant Nio is launching a new affordable EV brand that will compete directly with the Model Y in China — and it has reportedly turned to Tesla rival BYD to provide batteries for one of these new EVs, according to a Reuters report Three sources with knowledge of the matter told Reuters that BYD has agreed to provide batteries for the new mass-market brand called Onvo, which Nio confirmeded to Reuters on Monday. BYD will reportedly provide a small battery pack for one version of the Onvo EV, with Chinese battery maker CALB supplying a larger 85-kilowatt-hour battery pack. Nio disputed the report, describing it as "inaccurate" in comments to Reuters. Business Insider contacted BYD and Nio for comment but didn't immediately hear back. Nio, known for its battery-swapping technology , is set
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