SKF and NIO expand strategic cooperation

Rhea-AI Summary

SKF has strengthened its strategic partnership with NIO, becoming a preferred supplier of ceramic ball bearings to support NIO's product development and global expansion. The collaboration highlights SKF's technical expertise and its role in the electric vehicle (EV) market. NIO aims to enhance its global presence, having delivered over 90,000 vehicles in 2021 and expanding into European markets in 2022. SKF's ceramic bearings are crucial for EV drivetrains, reflecting the companies' commitment to innovation and user experience in the competitive EV industry.

Positive

• SKF becomes a preferred supplier for NIO, strengthening strategic cooperation.
• Collaboration aims to support NIO's global expansion and product development.
• SKF's ceramic ball bearings are innovative and lightweight, enhancing EV drivetrains.

Negative

• None.

GOTHENBURG, Sweden, Oct. 27, 2022 /PRNewswire/ -- SKF and NIO, a leading premium smart electric vehicle manufacturer have strengthened their strategic cooperation. As part of the agreement, SKF will be a preferred supplier of ceramic ball bearings and provide wide-ranging technical expertise to support NIO's product development and global expansion plans.

In 2021, NIO delivered over 90,000 vehicles, mainly in its domestic market. During 2022, NIO has started to launch its vehicles across key markets in Europe, including in the Netherlands, Germany, Sweden and Denmark.

David Johansson, President, SKF Automotive, says: "SKF has supported NIO since the launch of their first car in 2014. During this time, we have built a strong technical relationship, which is exemplified by this agreement. It also illustrates SKF's premium capability within electric vehicles and our ability to support customers all over the world."

SKF's innovative ceramic ball bearings, which are lighter and can rotate at faster speeds than traditional bearings, are a key component in many electric vehicle drivetrains. SKF is supplying a number of leading EV manufacturers across Asia, Europe and the Americas.  

Alan Zeng, Senior Vice President of NIO and CEO of XPT, says: "We have a history of working with SKF to build competitive EV products in the industry. We believe that SKF's global experience and competence will provide strong support for our global strategy. Together we will bring more innovative products and excellent user experience to consumers on a global scale."

Aktiebolaget SKF

CONTACT:

For further information, please contact: PRESS: Theo Kjellberg, Director, Press Relations

tel: 46 31 337 6576, mobile: 46 725-776576, e-mail: theo.kjellberg@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations

Patrik Stenberg, 46 31-337 2104; 46 705-472 104; patrik.stenberg@skf.com

 

The following files are available for download:

https://mb.cision.com/Main/637/3655531/1643965.pdf	20221027 SKF and NIO expand strategic cooperation
https://news.cision.com/skf/i/nio-el7,c3106267	NIO EL7
https://news.cision.com/skf/i/skf-ceramic-bearing,c3106268	SKF Ceramic Bearing

View original content:https://www.prnewswire.com/news-releases/skf-and-nio-expand-strategic-cooperation-301660824.html

SOURCE SKF

FAQ

What is the strategic cooperation between SKF and NIO?

SKF has become a preferred supplier of ceramic ball bearings to NIO to enhance its product development and global expansion.

How many vehicles did NIO deliver in 2021?

NIO delivered over 90,000 vehicles in 2021, primarily in its domestic market.

Which markets is NIO expanding into in 2022?

In 2022, NIO is launching vehicles in key European markets including the Netherlands, Germany, Sweden, and Denmark.

What is the significance of SKF's ceramic ball bearings for electric vehicles?

SKF's ceramic ball bearings are lighter and rotate faster than traditional bearings, making them key components in many electric vehicle drivetrains.