$100 mil­lion

China Daily (Hong Kong) - - BUSINESS -

ini­tial in­vest­ment of Novelis in Changzhou

“If we look at our to­tal au­to­mo­tive sales in the world, China is about 10 per­cent, fairly small,” said La­bat. “But it’s our fastest-grow­ing mar­ket that yields the high­est per­cent­age of growth — six fold ex­plo­sive growth since we went there five years ago.”

In March, Novelis ex­panded its port­fo­lio of clients into the e-ve­hi­cle sec­tor by adding NIO, an e-ve­hi­cle startup in Shang­hai.

Its elec­tric SUV ES8 mod­els will adopt Novelis’ alu­minum al­loys to cre­ate a wide range of struc­tural ve­hi­cle com­po­nents and parts.

The e-ve­hi­cle startup has re­ceived fund­ing from Baidu Inc, Ten­cent Hold­ings Ltd, Te­masek Hold­ings Ltd, Se­quoia Cap­i­tal, Len­ovo Group Ltd and other in­sti­tu­tional in­vestors.

It also re­leased its full-size seven-seater ES8 at the Shang­hai Auto Show in April.

The ES8 has an all-alu­minum body to re­duce weight and op­ti­mize per­for­mance.

Wil­liam Li, the founder and chair­man of NIO, called the part­ner­ship with Novelis “mu­tu­ally ben­e­fi­cial”.

“It will bring con­fi­dence and new ca­pac­i­ties to the boom­ing global EV mar­ket,” he said. “We will work to­gether closely and push for­ward the ap­pli­ca­tion of light­weight ma­te­ri­als in the next gen­er­a­tion of elec­tric ve­hi­cles.”

The NIO part­ner­ship marks Novelis’ first ma­jor com­mit­ment in the pre­mium e-ve­hi­cle mar­ket in China.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.