Nio's motor making arm establishes new firm in Anhui with $100 million in registered capital
(Source: XPT)
Nio's motor manufacturing business, XPT, has recently established a new company in Anhui Province, where Nio China is headquartered, with a registered capital of $100 million.
The company is called XPT Holdings (Anhui) Co., Ltd, according to data provider Tianyancha. Its legal representative is Zeng Shuxiang, who is also the CEO of XPT, headquartered in Nanjing, Jiangsu Province.
XPT Anhui's business scope includes technical services and manufacturing of automotive parts and accessories. The company is wholly owned by XPT Limited and William Li, the founder of Nio, is the company's chairman.
Founded in 2016, XPT offers an integrated EDS electric drive system with high-performance motors, gearboxes, and motor controllers.
The motors in Nio vehicles are developed and manufactured by XPT.
Notably, Nio President Qin Lihong said that people should not simply understand XPT as a factory of Nio, but it is actually an independent company.
Nio wants XPT to be able to supply externally and be strong like Delphi, Qin said in an interview with Chinese media last year, adding that many great companies first started out as internal parts suppliers for OEMs, and Nio wants XPT to have an independent path of development.
Qin said XPT was first a 100 percent owned subsidiary of Nio and brought in strategic investors from outside in 2018, who have a stake of more than 20%.
At the end of 2019, XPT's board made a major decision to have XPT start supplying to third parties while meeting the demand from Nio, as XPT's capacity and technology have matured in all aspects, he said.
XPT's electric drive system deliveries reached 87,456 units in 2020, up 32.4% from 2019.
XPT's 100,000th electric drive system rolled off the production line in July 2020, and its installed electric drive volume exceeded 10,000 units delivered in a single month in October.
On March 20, 2021, eight months after the 100,000th electric drive system rolled off the production line, XPT's 200,000th electric drive system rolled off the production line.