Nio and Chinese steel producer Baoshan Iron & Steel (Baosteel) have entered into a strategic partnership to work together in areas including products and supply chain.

(Image credit: Baosteel)

Nio and Chinese steel producer Baoshan Iron & Steel (Baosteel) have entered into a strategic partnership to collaborate in areas including products and supply chain.

The two companies held a signing ceremony today at Nio's global headquarters in Shanghai's Jiading district, marking the start of a new strategic partnership, according to a press release from Baosteel.

Executives from both companies, including Baosteel Chairman Zou Jixin and Nio Founder, Chairman and CEO William Li, attended the ceremony.

"Nio needs a global partner like Baosteel to work hand-in-hand on products, supply chain, technology innovation, new material applications and zero-carbon pathways," Li said.

Non-oriented silicon steel and automotive plates are products in which Baosteel has a definite advantage, while QCDDS is a core competency of Baosteel's integrated material solutions, Zou said, adding that the two companies will strengthen cooperation in green, low-carbon areas.

Baosteel's press release did not reveal more about the collaboration between the two, and Nio has not yet issued a press release about the partnership.

Baosteel, which was founded in February 2000 with a registered capital of 22.27 billion yuan, operates in steel-related businesses including steel smelting, electricity, coal, industrial gas production, warehousing and transportation.

Baosteel is a Shanghai-listed company with a current total market capitalization of RMB 169.2 billion.