NIO, Yinyi to Partner on Electric Car Transmissions

NIO, Yinyi to Partner on Electric Car Transmissions

Tang Shihua

Date: Mon, 05/21/2018 - 19:55 / source:Yicai
NIO, Yinyi to Partner on Electric Car Transmissions
NIO, Yinyi to Partner on Electric Car Transmissions

(Yicai Global) May 21 -- Units of Chinese electric car startup NIO Automobiles Co. and Yinyi Group Co. are teaming up to develop transmissions for all-electric vehicles amid increasing demand.

NIO Power Technology Co. and Bangqi Automatic Transmission Co., both based in Nanjing, will start mass production at a factory in Ningbo next year, aiming to produce 200,000 units a year by 2020, Yinyi said in a statement. The 50-50 joint venture will have a registered capital of CNY60 million (USD9 million).

The partnership will help the companies to accelerate the research and development of electric-car technologies such as the production of rechargeable batteries and battery management systems, the statement added.

Editors: Emmi Laine, William Clegg

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Keywords: joint venture, new product, Electric Vehicle, Transmission, NIO Automobiles Co., Yinyi Group Co.