NIO’s Hong Kong shares climbed 8.6% to HK$26.60 following news that Chinese battery titan CATL is negotiating to acquire a controlling stake in Nio Power

No Power runs over 3,000 battery-swapping stations in China. Last month, CATL pledged up to RMB 2.5 billion ($342 million) to Nio Power, according to Reuters’ sources. Nio Power was valued at over RMB 10 billion ($1.3 billion) after a 2024 fundraising. However, CATL’s offer remains undisclosed.

CATL has stayed mum about obtaining a controlling stake in Nio Power. Meanwhile, NIO has sidestepped specifics but noted it’s fostering battery swap station growth “with multiple investors, including CATL.”

“Nio and CATL will deepen collaboration on capital and business and further consolidate the strategic partnership to jointly build the largest battery swapping network globally,” noted NIO.

CATL’s push aligns with chairman Robin Zeng’s vision to morph the firm into a green-energy leader. Fresh off a deal with Sinopec to build 10,000 swap stations—500 this year—CATL aims to supplant a third of China’s gas stations. Nio Power, a linchpin for NIO, serves its drivers and rivals like Tesla and BYD. However, NIO’s hefty investments have dented profitability.

NIO’s 3,240 swap stations, mainly in China, swap batteries in under three minutes, tackling EV range woes. With co-development efforts expanding swap-compatible EVs, a CATL deal could reshape NIO’s footing against intensifying competition from BYD and others in China.

India is reportedly restricting investments from China’s biggest automaker, BYD.

“India has to be cautious about its strategic interests [and] who we allow to invest,” Commerce Minister Piyush Goyal told Bloomberg Television’s Haslinda Amin at the India Global Forum in Mumbai on Monday. Goyal added, “As of now, it is a no” to BYD Co., signaling a firm stance against the Chinese EV maker.

Last year, India rejected BYD’s $1 billion joint venture with Megha Engineering. India’s sentiments toward BYD extend to other Chinese automakers as well. The country has a policy requiring government approval for investments from bordering nations. For example, China’s Great Wall Motor Co. abandoned its plans in India due to regulatory hurdles.

Indian officials are reportedly wary of Chinese firms’ murky ownership ties to the Communist regime and military. The Indian government is also concerned about China’s non-market tactics, like subsidies for manufacturers and loan write-offs that lead to indirect support and a distortion in competition.

Meanwhile, Tesla is making progress in India. Tesla recently hosted a hiring event in Mumbai, filling roles from sales to delivery. The US car company finally locked down showrooms in Mumbai and Delhi in the first quarter.

Last month, Tesla started the certification and homologation process for the Model Y and Model 3 in India. Certification is necessary to sell the Tesla Model Y and Model 3 in India. Meanwhile, Homologation tests ensure that new vehicles meet India’s road requirements as per the Central Motor Vehicle rules.

Tesla India reportedly plans to partner with India’s Tata Group to establish a local supply chain for domestic parts production. Tesla and Tata Group are supposedly discussing the development and production of components like castings, forgings, electronics, and fabrication items.

Elon Musk’s X is tightening its rules on parody accounts starting April 10.

The social media platform will mandate that accounts impersonating others start their account names with “fake” or “parody” and use different images from the accounts they are mimicking. The move targets confusion sparked by parody profiles, including those posing as X’s owner, Elon Musk.

Current parody accounts often add “fake” or “parody” at the end of their names in brackets. However, long handles can obscure this in feeds, risking confusion—especially with matching images. The new policy aims to tighten clarity as X navigates free speech and authenticity.

In a post on Saturday, X outlined the shift, stating: “These changes are designed to help users better understand the unaffiliated nature of PCF accounts and reduce the risk of confusion or impersonation.”

Affected fan and commentary accounts must comply with X’s new rules by the enforcement date. Users welcomed the crackdown, with one noting, “Hopefully this includes all the thousands of fake variations of Elon Musk accounts.”

“About time I get a fake Elon account contacting me almost once a week,” another X account user commented.

Parody accounts mimicking Musk vary widely, from those sharing memes to ones promoting crypto, reported the BBC. One Musk parody account with over a million followers recently announced a Tesla giveaway, racking up 428,000 likes and 200,000 replies.

X introduced parody labels in January, building on rules requiring entertainment-driven impersonators to self-identify, alongside its blue check marks providing a sort of verification for users. The EU flagged X’s blue checkmarks as deceptive in July 2024, a claim Musk dismissed as “misinformation.”