NIO sets up battery business subsidiary in east China's Hefei

A NIO electric car is seen in a battery swap station during a ceremony of the shipment of the first battery swap station produced by the NIO Power Europe Plant in Biatorbagy, Hungary, on Sept. 16, 2022.  (Photo by Attila Volgyi/Xinhua)

Chinese electric vehicle (EV) maker NIO has recently established a battery business subsidiary, the Xinhua-run Shanghai Securities News reported.

The new company, wholly owned by NIO Holding Co., was registered on October 21 in Hefei, east China's Anhui Province.

The company has a registered capital of two billion yuan and Li Bin, chairman and CEO of NIO, serves as the battery company's chairman.

It is learned that business scope of the new subsidiary includes battery manufacturing, battery sales, auto parts and accessories sales, development of artificial intelligence application software, etc.