NIO-backed power technology company founded in Hefei

Shanghai (Gasgoo)- XPT Limited, an affiliated company of Chinese EV startup NIO, recently founded a power technology subsidiary in Hefei, the capital of Anhui province, where NIO China is headquartered.

According to the business data platform Tianyancha, the new company, dubbed NIO Power Technology (Hefei) Co.,Ltd., was established on May 27. Its business scope shows that it will mainly engage in manufacturing auto parts and developing relevant technologies. Involving a registered capital of 500 million yuan ($78.541 million), the Hefei-based company is 100% controlled by XPT Holding (Anhui) Co.,Ltd. The parent company is a wholly-owned subsidiary of XPT Limited and its chairman is William Bin Li, founder, chairman and CEO of NIO. 

NIO has poured a great deal of money into the R&D and innovation of such NEV-related core technologies as battery, electric motor and electric control unit. In April 2016, the startup entered into a strategic partnership with Nanjing Municipal Government to build a 3 billion yuan ($471.246 million) plant for the development and production of high-performance motors and electric modules in the Nanjing Economic and Technological Development Zone. In July 2020, the Nanjing manufacturing base saw its 100,000th “three-in-one” electric drive system rolled off the assembly line. Then on March 20, 2021, the 200,000th one came off the line.

The Hefei-based subsidiary is aimed at strengthening NIO’s deployment of electric drive system. William Bin Li previously said NIO is pooling resources and talents worldwide to research and develop high-performance electric motors and electric control system, the most crucial components for electric vehicles.