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Nio Joins Hands With Elite Chinese University To Further Research On Smart Electric Vehicles

Nio Joins Hands With Elite Chinese University To Further Research On Smart Electric Vehicles

Chinese electric vehicle maker Nio Inc. (NYSE: NIO) has signed a strategic cooperation agreement with the University of Science and Technology of China (USTC) to cooperate in smart EV technology research, cnEVpost reported Sunday.

What Happened: The two will establish the USTC-NIO Smart Electric Vehicle Joint Laboratory to conduct joint research on major national as well as local projects, according to a cnEVpost report.

Nio will provide resources and a platform to serve as an educational internship base for USTC, which in turn will support the establishment of a postdoctoral workstation at the joint lab.

USTC, part of the elite "C9 League," a group of universities that is claimed to be the Chinese equivalent of the Ivy League by state-run newspaper People's Daily, is located in Hefei, Anhui Province. Hefei is also home to Nio China's headquarters and the JAC NIO facility, which rolled out the company’s 100,000th mass-produced vehicle in April. The university’s research strength in China is almost comparable to that of Tsinghua University and Peking University, as per the report.

See Also: Germany Could Be Nio's Next Stop After Norway Foray, Reports Say

Why It Matters: Nio’s collaboration with the USTC comes just days after the company said it has started construction of NeoPark, a smart electric vehicle industry park it is co-developing with the Hefei government. NeoPark is conceived as a smart EV industry cluster, encompassing R&D of vehicles, core parts and components, and autonomous driving.

Nio has embarked on a broad push to drive volumes amid stiff competition in China, the world’s largest EV market. The company unveiled the interior of the ET7, its fourth mass-produced model, at the Shanghai auto show last month.

See Also: How to Buy Nio Stock

Nio has announced innovation in battery technology, charging infrastructure, and services. The company - whose sales trail that of market leader Tesla Inc. (NASDAQ: TSLA) - has found success in China through its battery-as-a-subscription model and power swapping services.

It was reported last week that Nio is impressing EV buyers in China with its Nio Life lifestyle app, which converges social media, e-commerce and daily commute. The app, with around 150,000 daily users, has enabled Nio to tap into brand loyalty.

Price Action: Nio shares closed almost 2.2% higher on Friday at $39.84.

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.

Photo by Jengtingchen on Wikimedia


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