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.
When contacted by Reuters, Nio said the information was "inaccurate" and did not elaborate. CALB declined to comment while CATL and BYD did not respond to requests for comment. BYD, through its battery unit FinDreams Battery, already supplies some batteries to Tesla's Berlin plant and state-owned Chinese automakers including FAW.
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