The Chinese EV brand Nio has announced it is partnering with BYD to produce a new, cheaper EV brand to rival Tesla. According to Reuters, the brand, which will be called "Onvo" in English and "Ledao" in Chinese, is aimed at the cheaper offerings like the Model 3 and Model Y the brand sells, with its first model, the L60, aimed squarely at the crossover.
The move is a big one for BYD, which has been aiming to expand revenue into other areas as competition in the country has increased, and it highlights the benefits of low-cost batteries when it comes to lower EV prices. Nio was hoping to build its own EV batteries by now, but a partnership could deliver bigger cost savings.
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