The deal, expected late this month, will take CYVN's shareholding to 20.1% of Nio's total shares, the carmaker said in a statement

Global sales of fully electric and plug-in hybrid vehicles reached a new monthly record of 1.4 million units in November

The move by Huawei comes as global automakers in China increasingly seek to partner with Chinese carmakers

Industry ministry said on Monday EVs should have a driving range of at least 200 kilometres per charge to be eligible for purchase tax exemption from 2024

Every facet of electric vehicles and EV batteries is being assessed by carmakers around the world keen to produce EVs that can compete with China's cheap EV models

Car giant aims to have six new EV models in Europe by 2026, and also has a unit looking at hydrogen trucks and cars

The pledge by over half the world's countries to triple renewable energy was perhaps the most positive news at COP28 on Saturday

The Biden administration's curbs are designed to wean the US electric vehicle battery supply chain away from China

The US Treasury is expected to block an EV tax subsidy for buyers of cars containing batteries, components or minerals made by state-owned Chinese companies

Nio announced a similar tie-up with Changan Automobile last week as it bids to build a unified battery exchange network

The factory in the southern state of Karnataka will be the world's largest automaker's first capacity expansion in more than a decade

Stellantis and CATL have a preliminary agreement on producing lithium iron phosphate (LFP) batteries for the automaker's EVs in Europe