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Category: eMobility
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Tesla parts supplier Ningbo Tuopu signs cooperation deal with NIO
Ningbo Tuopu said its strategic partnership with NIO uses an innovative T0.5 collaboration model that will provide the latter with better products and services.
NIO US | NIO HK | NIO SG
(Image credit: CnEVPost)
Ningbo Tuopu Group, a Tesla parts supplier, has signed an agreement with NIO (NYSE: NIO) in which the two companies will adopt an innovative partnership model not commonly seen in the automotive industry.
Ningbo Tuopu and NIO signed a strategic cooperation framework agreement on March 16 to establish a strategic partnership for the development, manufacture and supply of new energy vehicle components, according to an exchange announcement today from the Shanghai-listed company.
One of the goals of the partnership is for Ningbo Tuopu to supply parts near NIO's plants in Hefei, according to the announcement.
The companies will also collaborate on the use of low-carbon materials, supply chain emissions reduction, digital supply chain and global business exploration.
For the current phase, Ningbo Tuopu will collaborate strategically with NIO on products including chassis systems, body lightweight, thermal management systems, interior and exterior systems and NVH (noise, vibration, and harshness) damping systems.
The two companies will also explore all-round cooperation in the areas of intelligent cabin components, air suspension systems and intelligent driving systems, the announcement said.
The teams of both parties will establish regular communication mechanisms and provide adequate resource support to ensure the implementation of the strategic cooperation, according to the announcement.
Notably, Ningbo Tuopu said its strategic partnership with NIO is based on an innovative T0.5 supply chain cooperation model, which will provide the customer products and services with better QSTP (Quality, Service, Technology, Price).
Ningbo Tuopu did not explain more about the T0.5 partnership model, but it is a new model it has been working on for the past few years.
In the automotive industry, the typical relationship between parts suppliers and automakers is T1 (Tier 1), a supplier that signs a supply contract directly with the car company, and T2 (Tier 2), which has a contract with a T1 supplier.
In the T0.5 model implemented by Ningbo Tuopu, automakers are more involved in the development of components, thus shortening the development cycle and ensuring quality.
Ningbo Tuopu was founded in 1983 and is one of the largest parts suppliers in China. The company last came to the attention of the general public in China because of a recall of the Tesla Model Y.
In December 2021, Tesla announced a recall of 21,599 China-made Model Y electric vehicles because of the risk of warping or breaking the vehicle's steering knuckle, which was supplied by Ningbo Tuopu.
Following the announcement of the Tesla Model Y recall, Ningbo Tuopu's shares traded in Shanghai were at one point severely sold off.
The parts maker later issued a statement saying that the products involved in the recall were only for the Model Y and not for other Tesla models or other customers' models.
The company estimated that the recall was not material and would not have an impact on its annual operating results or on its business based on the number of recalls and defect ratios, it said in the statement at the time.
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Financially troubled Enovate reportedly close to getting life-saving money
Enovate has already owed its employees two months of salary arrears and its factory in Changsha, Hunan province, has shut down production this year, according to local media.
(Image from Enovate's Weibo)
Enovate Motors, the Chinese new energy vehicle (NEV) startup that announced late last year that it would build a production base in Saudi Arabia, is actually facing financial woes in its home market. However, the good news is that it is about to receive life-saving money.
Enovate is set to close a new round of funding in the near future, amounting to RMB 750 million yuan ($108 million), a report in local media Auto Time today said, citing multiple sources.
The money will arrive no later than March 24, one of the people familiar with the matter said. Another source with access to the financing said that it is indeed happening and that specific plans are being negotiated.
Enovate was formerly known as Zhejiang Dianka Automobile, which was founded in 2015 and produces mini electric vehicles (EVs). The Enovate brand was officially launched in November 2018.
In September 2020, the company's first model, the all-electric SUV Enovate ME7, was launched.
Enovate made its second model, the SUV Enovate ME5 with extended-range technology, available in China on July 13, 2021.
Enovate has closed eight financing rounds totaling more than RMB 11.5 billion, with the company's most recent financing round on October 13, 2020 for more than RMB 5 billion, Auto Time's report noted.
So far this year, Enovate has owed its employees two months of salary arrears, and its factory in Changsha, Hunan province, has shut down production this year, according to the report.
In addition to the Changsha manufacturing base, Enovate is also building factories in Shaoxing, Zhejiang and Nanning, Guangxi, with a planned total capacity of 220,000 units for the three production bases.
The money Enovate is about to receive will first be used for employee payroll and to push the plants back into production, the report said, citing an internal employee.
The company's performance in China has been weak over the past two years, with sales of just 1,778 units in 2021 and 5,321 units in 2022.
Enovate has begun targeting overseas markets as competition in its home market grows fiercer.
Enovate signed a contract with Sumou Holding in Saudi Arabia on December 7 to jointly build a NEV production plant here, as CnEVPost previously reported.
The two companies will form a joint venture that will make two phases of spending totaling about $500 million in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs.
The facility, when completed, will be the first Chinese-branded NEV production base in Saudi Arabia, Enovate said at the time.
Enovate is another carmaker besides WM Motor that has run into financial difficulties.
WM Motor has been in serious financial trouble, leading to disruptions in its operations over the past few months. On March 7, the company announced that it was addressing its challenges and was working hard to resume production.
WM Motor also has plans to enter Saudi Arabia, with an insider saying the company is planning a joint venture to set up a plant in the Middle East, according to an Auto Time report today.
The EV maker is currently in talks with the Saudi government and local wealth funds, and the exact timing of the plan is unknown, according to the report.
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