Nio Joins Geely And Other Peers In Expressing Indifference To Nvidia's Export Ban

Nio Joins Geely And Other Peers In Expressing Indifference To Nvidia's Export Ban
  • Chinese electric car maker Nio Inc NIO joined others in the industry denying any impact from U.S. restrictions on Nvidia Corp NVDA chip sales to China, CNBC reports.
  • Now the U.S. requires Nvidia to get a license for future export to China for certain products, citing national security concerns.
  • The new U.S. restrictions target Nvidia's A100 and H100 products, whose sales are part of its more significant data center business. 
  • Nvidia expects to lose $400 million or 10.6% of its data center business and 6.8% of its overall third quarter revenues due to the newly imposed restrictions, CNBC writes.
  • Nio founder, Chair, and CEO William Li estimated that computing power is sufficient for its autonomous driving technology development in the aspect of AI training for now.
  • The Nvidia Drive Orin chip has become a core part of assisted driving tech for Nio and other electric car companies in China. 
  • Nio's new ES7 SUV came with four Nvidia chips, including one that enabled the car to learn from individual driver preferences.
  • Li acknowledged multiple options in China regarding artificial intelligence training chips.
  • He also noted that the restrictions would not affect Nio's long-term strategy.
  • Last week, automaker Geely Automobile Holdings Ltd GELYY, WeRide, and expressed their indifferences to the restrictions.
  • The U.S. took steps to restrict China's access to cutting-edge semiconductor technology, including imposing restrictions on China's chipmakers.
  • China's President Xi Jinping sought a more robust effort to pool nationwide resources to advance critical technologies during a Communist Party meeting.
  • Price Action: NIO shares traded higher by 0.40% at $17.55 in the premarket on the last check Thursday.
  • Photo via Company

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