Chinese electric vehicle maker Nio plans to spin off its battery manufacturing unit, according to two people with knowledge of the matter, as part of the efforts by the company to turn profitable, reduce costs and improve efficiency. The nascent battery unit, led by senior manufacturing engineers whose previous employers include Apple and Panasonic, will seek external investors after the spin-off that could happen as early as the end of this year, with a valuation to be decided later, the people said. Nio declined to comment beyond founder and CEO William Li's comments on an earnings call on Tuesday that the automaker would continue to do in-house research and development on batteries but now planned to outsource all of the manufacturing.
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