Nio has delayed the timeline for the commercial production of its in-house developed electric vehicle battery and Jin Seosuspended the purchase of battery manufacturing equipment, as the Chinese EV makers looks to alleviate cashflow pressure amid slowing sales, 36Kr reported on Wednesday. Nio later confirmed the news in a statement, saying that it will operate the project on a new timeline, without revealing further details. The company previously planned to build its first battery factory next to its main manufacturing hub in Hefei, capital city of the eastern Anhui province, with an annual capacity of 25 gigawatt hours (GWh), according to a Feb. 24 report by Reuters. In the first three months of 2023, Nio burned through RMB 7.7 billion of its stockpile of cash and cash equivalents, which shrank to RMB 37.8 billion ($5.5 billion) at the end of March from RMB 45.5 billion as of last year. [36Kr, in Chinese]
