Chinese electric automaker NIO and battery giant CATL inked a five-year comprehensive strategic partnership agreement on January 18 in China, as reported by PR Newswire.
Purpose of the agreement
The two Chinese companies aim to strengthen their current partnership to enhance NIO’s EV battery supply chain efficiency. It will also support foreign businesses and launch innovative technologies for NIO customers.
The renewed agreement is expected to improve the partner’s respective technologies while penetrating new markets.
“The comprehensive strategic cooperation agreement further deepens CATL’s strategic partnership with NIO. The two parties 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 service life batteries.”
Press release
Simply put, the Chinese partners intend to leverage each party’s expertise and resources to further boost EV adoption and battery innovation.
Signing ceremony
The contract was signed by CATL’s executive president of the passenger vehicle business unit, Wei Zhu, and NIO’s senior VP, Alan Zeng. Meanwhile, the following executives from both parties witnessed the contract signing: CATL CEO Dr. Robin Zeng and NIO CEO William Li.
Notably, this expanded partnership will aid both companies’ expansion efforts in the EV industry. NIO is currently extending its EV sales and delivery to reach new European markets and brands. Meanwhile, CATL is concurrently extending its battery production presence to additional locations beyond China.
