Exclusive-China's Nio turns to rival BYD to power new EV brand, sources say [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
EV brand priced at a lower range that aims to compete with Tesla, three sources with direct knowledge of the matter said. The agreement marks a win for BYD, which has been looking to expand its revenue beyond EV sales under its own brand. It also shows the impact of unrelenting competition over the price of new EVs in China's market, and batteries, the largest single cost in a new vehicle. Nio, which launched as a start-up a decade ago, had intended to produce batteries in-house but abandoned those plans in December as it shifted its focus to cutting costs to reverse losses. Nio on Monday confirmed its new brand would be named "Onvo" in English and "Ledao" in Chinese as it unveiled a website for the car. Nio, which has been aimed at the premium EV market in competition with the likes of Mercedes, has said it expects the new Onvo L60 to compete with the Tesla Model Y. ADVERTISEMENT Nio currently buys most of its batteries from industry-leader CATL. BYD will join CATL to sup
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