Tuangtong
Chinese electric vehicle maker Nio (NYSE:NIO) and China-based Contemporary Amperex Technology signed a five-year comprehensive strategic cooperation agreement on Wednesday.
The comprehensive strategic cooperation agreement further deepens Nio’s (NIO) strategic partnership with CATL. As part of the arrangement, the two automobile industry leaders said they will advance technological cooperation in new brands, new projects and new markets, improve supply-demand coordination, propel overseas expansion, and develop the business model centering on long-life batteries.
In addition, Nio (NIO) and CATL plan to continue to leverage their respective advantageous resources, build a battery supply system with efficiency and synergy to further improve Nio’s (NIO) supply chain efficiency, support overseas business and introduce state-of-the-art technologies for more competitive products and benefits for all Nio (NIO) users.
Shares of Nio (NIO) fell 0.55% in premarket trading on Wednesday to cut slightly into the strong start to the year.
Read the latest breakdowns on Nio (NIO) from Seeking Alpha authors.
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