China EV maker Nio to spin off its battery production unit

China EV maker Nio to spin off its battery production unit

A Nio Phone is displayed next to a Nio ES8 SUV during the Chinese electric vehicle (EV) maker's tech day in Shanghai, China September 21, 2023. REUTERS/Zoey Zhang/File Photo

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.