<blockquote>Based on its latest plans, Nio has slowed down some of the equipment purchases for its battery factory, according to local media.</blockquote>
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Nio's (NYSE: NIO) plans to develop its own power batteries have been delayed, as the electric vehicle (EV) startup becomes cautious about investing in new projects.
Nio has delayed plans to mass-produce its in-house developed batteries and will move forward with the project on a new timeline, local media outlet 36kr reported today.

Based on the latest plan, Nio has slowed down some of the equipment purchases for its battery factory, the report said, citing several industry chain sources familiar with the matter.
&#34;Based on business needs, we have postponed the mass production of batteries. The program is progressing normally according to the new mass production schedule,&#34; Nio responded to 36kr.
Nio founder, chairman, and CEO William Li confirmed during an earnings call on June 9, 2022 that the company would develop its own batteries.
He said at the time that Nio had a battery team consisting of more than 400 people to research areas including battery materials, electric cells, and battery management systems, and to comprehensively establish battery system R&amp;D and industrialization capabilities.
On February 24, Reuters reported that Nio plans to build its first battery factory to produce large cylindrical batteries similar to those used by Tesla.
The new plant will have an annual battery capacity of 40 GWh, which could power about 400,000 long-range EVs, the report said.
Beijing-based Cbea.com, which focuses on the battery industry, reported on February 27 that Nio held a battery partner forum in Hefei, Anhui province, where its two plants are located, on February 24, at which the company announced the start of construction of the first phase of its battery site.
In the report today, 36kr said that construction of Nio's battery factory plant is still underway, but that equipment purchases have been put on hold.
The investment in the production line is divided into two parts, with the construction of the facilities, including the plant, mainly funded by the Hefei government, while the equipment is procured by Nio, according to 36kr.
Looking at Nio's sales performance in the first half of the year, the delay of the project is not unexpected, and the internal team is mostly voicing understanding, the report said.
&#34;The project definitely needs to be delayed -- how many cars have only been sold? No sensible person would have invested in these immediately,&#34; said a source close to Nio.

<blockquote>NIO plans new 40 GWh battery plant in Hefei, report says</blockquote>

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Based on its latest plans, Nio has slowed down some of the equipment purchases for its battery factory, according to local media. The post Nio reportedly delays mass production plans for in-house developed batteries appeared first on CnEVPost. For more articles, please visit CnEVPost.