Nio Inc$9866 (+1.59%) and CATL $3750 (+0.56%) have signed a new agreement to strengthen their collaboration in the field of long-life batteries and battery back-up networks.
The two companies recently signed a five-year comprehensive strategic cooperation agreement in Hefei, Anhui Province. CATL's founder, chairman and CEO Robin Zeng and Nio's founder, chairman and CEO William Li were present at the signing ceremony.
Both parties will deepen their cooperation in the areas of technology, ecosystem and market expansion to jointly drive technological advancement and business model innovation in the new energy vehicle (NEV) industry and help Hefei build a world-class NEV industry cluster, CATL said in a statement today.
The strategic partnership marks a new phase of comprehensive synergies between Nio and CATL, the battery manufacturer said.
Through a systematic, long-term cooperation framework, both parties will jointly drive the transformation of the industry to provide users with safer, more efficient and sustainable electric mobility experiences, CATL said.
This represents a deepening of the relationship between the two companies, as Nio is reportedly increasingly reliant on CATL as a battery supplier.
