Nio plans spinoff of battery production unit, Reuters reports

Nio plans to spin off its battery manufacturing unit as a move to help the company turn profitable, improve efficiency, and reduce costs, Reuters’ Zhang Yan, Zhuzhu Cui, and Brenda Goh report. According to two people familiar with the matter, the battery unit will seek external investors after the spinoff that could happen as early as the end of this year, adding that a valuation will be decided “later.”