BASF Coatings, the coatings unit of German chemicals conglomerate BASF Group, has signed an agreement with Chinese battery electric vehicle (BEV) manufacturer Nio Inc to establish a strategic partnership to enhance cooperation in the automotive coatings sector.
The two companies signed a letter of intent this week with the aim of “achieving a long-term and mutually beneficial relationship, focusing on automotive exterior coatings for Nio’s electric vehicles.”
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According to a statement released jointly by the two companies, the agreement lays out the framework for ongoing discussions between the two companies, facilitating annual strategic dialogues to negotiate the implementation of this partnership.
BASF Coatings said that as part of this strategic cooperation, it will provide Nio with “an extensive range of products tailored to meet specific technical requirements and will offer value-added services including color design, color development, digital solutions, sustainability initiatives, workshops, and industry-leading technical support.”
BASF Coatings president Uta Holzenkamp said in a statement: “The signing of today’s strategic partnership agreement builds on ten years of successful collaboration. Nio has established a leading position for electric vehicles through advanced technology and a clear brand identity. Together, we will keep on exploring innovative technologies and we will support Nio in reaching its sustainability targets and future goals.”
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By GlobalData
