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SHANGHAI - China electric vehicle maker Nio has struck a deal with larger rival BYD to source batteries for an EV brand priced at a lower range that aims to compete with Tesla, three sources with direct knowledge of the matter said.
Nio on Monday confirmed its new brand would be named"Onvo" in English and"Ledao" in Chinese as it unveiled a website for the car. Nio, which has been aimed at the premium EV market in competition with the likes of Mercedes, has said it expects the new Onvo L60 to compete with the Tesla Model Y.BYD will join CATL to supply a smaller battery pack for one version of the new Onvo EV, two of the people said.
Reuters was not able to identify the size of Onvo battery contracts between Nio and the battery suppliers or any details related to expected sales or production. 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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