Shanghai (ZXZC)- Chinese smart electric vehicle (EV) startup NIO and Swedish ceramic ball bearing provider SKF recently signed an agreement to cement their strategic cooperation, according to a press released SKF released on Oct. 27.

Under the agreement, SKF will act as a preferred supplier of ceramic ball bearings to NIO and provide its extensive technical expertise to support NIO's product development and global business expansion.

NIO ES7; photo credit: SKF

NIO has cumulatively delivered 249,504 vehicles as of September 2022. Its deliveries reached 31,607 units in the third quarter of 2022, jumping 29.3% year on year and hitting a record-high level on a quarterly basis.

As for overseas business, NIO has already kicked off deliveries of its ET7 all-electric sedan in four European countries this year, namely, Germany, the Netherlands, Denmark, and Sweden.

The cooperation between NIO and SKF can date back to 2014 when the EV manufacturer was founded. "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," said David Johansson, President, SKF Automotive.

SKF said its innovative ceramic ball bearings, which serve as a key component in many electric vehicle drivetrains, are lighter and can rotate at faster speeds than conventional bearings, and have been supplied to a slew of EV manufacturers in Asia, Europe, and America.