Chinese electric vehicle maker Nio plans to spin off its battery manufacturing unit, according to two people with knowledge of the matter, as part of the efforts by the company to turn profitable, reduce costs and improve efficiency.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast. From electric cars to battery swaps to even smartphones, Chinese EV maker Nio seems to be doing it all. But it is now looking to lighten its load by spinning off its battery manufacturing unit, according to Reuters.
LG Chem is spinning off its EV battery business as LG Energy Solution. An LG Chem official stated that the company initiated the spin-off due to the substantial revenues in the EV battery industry. The spin-off would allow LG Chem to raise funds and sell some of its stake in the subsidiary later, financing future investments for joint ventures and plant expansion.
In a December 1 board meeting, LG Chem decided to spin off its battery business division as LG Energy Solutions. This new company will manufacture energy storage systems (ESS), small-sized batteries, and electric vehicle batteries.
Although it is too early to predict where NIO’s power business may end up, it is possible that a new entity jointly invested in by NIO and multiple other carmakers could be in play – something akin to what Huawei recently announced for its vehicle business unit, according to Xing.
Nio’s current battery unit is headed by senior engineers who worked previously at Apple and Panasonic. During last year’s earnings report, CEO William Li said that the battery team comprised 400 people researching battery materials, cells, and battery management systems.
As reported by Reuters, Nio now plans to spin off its battery unit in hopes of turning a profit, cutting costs, and improving efficiency – and offloading some of its ambitions …
At a virtual capital market day, Siemens Energy, a world leader in energy infrastructure, today laid out its post-spin-off strategy. Siemens Energy is aiming for …
BTRY is a start-up based in Dübendorf, Switzerland, and a spin-off of EMPA and ETH. From the lab to the market – at BTRY, we are developing the industry''s first energy-dense solid-state …
Siemens Energy Spin-Off "Mit dem Listing der Siemens Energy schließen wir einen wesentlichen Meilenstein der strukturellen Neuausrichtung von Siemens erfolgreich ab", sagt Joe Kaeser, …
Borrego, a developer, EPC and O&M provider for large-scale solar and energy storage projects throughout the United States, completed the spin off and sale of its …
Spin-off approved by 99.36 percent of capital stock represented; Capital Market Day for Siemens Energy planned for September 1, 2020 As expected, a large majority of …
SK Innovation said the spin-off will be a turning point for securing global competitiveness in the battery business. It was announced in SK Innovation''s Story Day event on July 1st that the …
Chinese EV maker Nio Inc. reportedly plans to spin off its battery manufacturing unit in a matter of weeks, accelerating the company''s trajectory toward profitability.
LG Chem said Thursday it will spin off its rechargeable battery business Dec. 1, under the new name LG Energy Solution.
New Energy New York and partners look forward to bringing together battery and energy storage industry stakeholders in Binghamton, NY, October 23-25, 2024. The event series begins with a networking reception at …
NIO on Wednesday said it will partner with Geely to develop a common standard for electric vehicle battery packs and create a sprawling network of swap stations for …
UNIGRID Battery''s Milestone. UNIGRID Battery, a spin-off from the University of California, San Diego, has achieved a significant milestone by receiving its first commercial …
LG Chem plans to spin off its lucrative electric vehicle battery business, the world''s largest, to fund an expansion of its facilities through a potential initial public offering as …
New Leaf Energy will work on strengthening its solar and energy storage DG presence in core markets such as New York, Massachusetts, Maine, Virginia, Pennsylvania, …
As reported by Reuters, Nio now plans to spin off its battery unit in hopes of turning a profit, cutting costs, and improving efficiency – and offloading some of its ambitions to pursue end-to...
Chinese EV maker Nio Inc. reportedly plans to spin off its battery manufacturing unit in a matter of weeks, accelerating the company''s trajectory toward profitability.
Chinese electric vehicle maker Nio plans to spin off its battery manufacturing unit, according to two people with knowledge of the matter, as part of the efforts by the company to turn...
NIO on Wednesday said it will partner with Geely to develop a common standard for electric vehicle battery packs and create a sprawling network of swap stations for both consumer cars and commercial fleets, just a …
South Korea''s SK Innovation Co. said on Thursday it is considering a spin-off of its battery business and listing the separated entity on the Nasdaq, while unveiling a long-term goal to …
The spin-off''s story began when a powerful and extremely fast energy storage solution became required for TAE''s fusion research reactor in Southern California. The reactor …
5 · That has forced tech companies to invest in new sources of energy. For the new project, a hypothetical 1 gigawatt-scale data center would be matched with an equivalent …
LG Chem said on Thursday that it approved the spin-off of its global rechargeable battery business to establish a battery subsidiary with a new name, LG Energy Solutions. LG Chem decided to split off its battery business …
5 · That has forced tech companies to invest in new sources of energy. For the new project, a hypothetical 1 gigawatt-scale data center would be matched with an equivalent amount each of wind, solar ...
South Korea''s SK Innovation Co. said on Thursday it is considering a spin-off of its battery business and listing the separated entity on the Nasdaq, while unveiling a long-term goal to turn into an eco-friendly company by investing 30 trillion …
LG Chem said on Thursday that it approved the spin-off of its global rechargeable battery business to establish a battery subsidiary with a new name, LG Energy …
SK Innovation said the spin-off will be a turning point for securing global competitiveness in the battery business. It was announced in SK Innovation''s Story Day event on July 1st that the battery business aims to grow into a …
LG Chem plans to spin off its lucrative electric vehicle battery business, the world''s largest, to fund an expansion of its facilities through a potential initial public offering as it benefits...
TC Energy announced plans to spin off its Liquids Pipelines business, creating two independent investment-grade, publicly listed companies to fully capture opportunities presented by long-term fundamentals driving …
Chinese electric vehicle maker Nio plans to spin off its battery manufacturing unit, according to two people with knowledge of the matter, as part of the efforts by the …