Cheche Group Inc. (NASDAQ:CCG) announced an expansion of its partnership with NIO Inc. (NYSE:NIO) to improve insurance services for NIO’s growing fleet of electric vehicles. The deal focuses on streamlining policy issuance, risk control and claims handling as the automaker scales its multi-brand portfolio.
NIO delivered 31,305 vehicles in August, a 55.2% increase from a year earlier and its highest monthly total. Year-to-date deliveries stood at 166,472, pushing cumulative shipments above 830,000.
The company aims to boost output in the coming months. Production of the ONVO L90 is expected to reach 15,000 units per month in October, while the ES8 should ramp to the same pace by December. NIO set a fourth-quarter delivery target of 50,000 vehicles per month.
Lei Zhang, founder, CEO and chairman of Cheche, said the growth creates a “clear opportunity” for tailored insurance. “This momentum is expected to translate into meaningful growth for Cheche, with deeper synergies between our teams becoming increasingly evident in the fourth quarter,” he said.
The expansion comes as the Chinese EV sector faces new hurdles. NIO CEO William Li recently cautioned that with government subsidies and tax breaks winding down, the industry faces a major test in the months ahead.
The collaboration highlights the increasing intersection between electric vehicle production and insurance technology. Cheche’s involvement positions it to benefit from rising EV adoption, while supporting NIO’s delivery growth and customer base.
Investors also watch the Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV) and the KraneShares Electric Vehicles & Future Mobility Index ETF (NYSE:KARS) for sector exposure.
Price Action: NIO shares were up 2.52% at $6.10 and Cheche Group shares were up 5.56% at $1.13 at the time of publication on Monday, according to Benzinga Pro data.
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This article Cheche Expands NIO Partnership As Record Deliveries Fuel China EV Insurance Race originally appeared on Benzinga.com
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