By Michael Elkins
SKF announced on their website today that the Swedish bearing and seal manufacturing company has strengthened its relationship through an agreement with Chinese electric vehicle maker, Nio (NYSE:NIO). 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.
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."
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."
Shares of NIO are down 4.76% in mid-day trading on Thursday.