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NIO Inc. (NYSE: NIO) is reportedly strategizing to spin off its battery manufacturing division, aiming to achieve profitability through cost reduction and enhanced efficiency.
The emerging battery division, which is guided by experienced engineers who worked in Apple Inc. (NASDAQ: AAPL) and Panasonic Holdings Corporation (OTC: PCRFF), is planning to attract external investors following its proposed spin-off, potentially occurring by the end of this year, according to a news report by Reuters.
The valuation of this unit will be determined at a later stage, the report added.
The assets earmarked for the spin-off are expected to encompass the proposed factory, select testing equipment, and various intellectual property rights, the Reuters ...