NIO Stock Alert: Nio Reportedly Strikes Battery Deal With BYD

After announcing that it would spin off its battery arm in December, Nio (NYSE:NIO) has secured a new deal for batteries for its new brand of affordable vehicles, according to Reuters. The electric vehicle (EV) company had previously expressed its intentions to outsource battery manufacturing. Despite this deal, NIO stock is down about 2.5% today.Nio has reportedly secured a battery deal with Chinese EV leader BYD (OTCMKTS:BYDDY) for its upcoming Onvo brand, or Ledao in Chinese. Onvo’s first vehicle, the L6 ...