BP to invest in electric cars in NIO Capital JV

BP to invest in electric cars in NIO Capital JV

British oil giant, BP and NIO Capital have signed a memorandum of understanding (MOU) to establish a long-term partnership to jointly explore opportunities in advanced mobility in China and internationally.

BP said in a statement that it is expected to include potential investment opportunities in areas including electric vehicles, new energy infrastructure, intelligent automotive systems, connected vehicles and new materials including batteries, as well as other areas of possible mutual interest.

Tufan Erginbilgic, chief executive, BP Downstream, said: “Advanced technology is now driving rapid changes in transportation and China, which is seeing some of the fastest growth in new energy vehicles, is a key market for BP. We are looking to develop fast-charging solutions through partnering and to further develop new and innovative consumer offers. We expect this partnership will extend our participation in advanced mobility, bringing benefits to our retail customers in China.”

William Li, founder of NIO and NIO Capital, said: “NIO Capital is very pleased to have in-depth cooperation with world-leading energy companies such as BP.

NIO Capital said it looks forward to jointly developing and investing in innovative technologies and new business models with BP in the context of smart electric vehicles.”