: NIO’s stock rises on report of plans to spin out battery unit

Nio Inc.’s stock NIO was up by 3.2% in premarket trading on Wednesday after Reuters reported the Chinese electric-car maker may spin off its battery-manufacturing business as early as 2024. Citing three people familiar with the company, the report said senior manufacturing engineers will reach out to external investors to back the company after the spin off, as Nio looks to shed the nascent business to focus on profitability, cost cutting and efficiency improvements.

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