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Nio, China's premium EV maker, set to launch new model under mass-market brand Onvo and another smaller EV for less than US$30,000 in Europe by next year, according to a senior executive; new EV intended to compete with Telsa Model Y

Chinese EV maker Nio partners with battery firm CATL to develop longer life batteries aimed at reducing overall EV costs; the partnership will target reducing full life cycle costs of batteries, a major factor in EV operating expenses

NIO's ET7 EV reportedly sets new range record, covering over 1,000 kilometers on a single charge using a 150 kWh battery, effectively addressing potential customers' range anxiety issues; NIO plans to mass produce the battery starting in April 2024

Alcoa announces high-pressure die casting alloys for megacastings, recognized for excellence by North American Die Casting Assn. and has been adopted by Chinese EV makers NIO and Li Auto; durable alloy can save costs, reduce assembly weight by up to 28%

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