- Critical NIO Inc (NYSE:NIO) supplier Contemporary Amperex Technology Co. Ltd has implemented a closed-loop for workers at its main China factory in China, Bloomberg reports.
- The closed-loop helped the leading EV battery maker avoid the kind of Covid-19 shutdowns which are hurting Tesla Inc (NASDAQ:TSLA) and Volkswagen AG (OTC:VWAGY).
- Also Read: Apple's Key Supplier Resumes Partial Operation At Shenzhen Campuses
- CATL looked to shuttle workers between their dormitories and the factory in Ningde, where a Covid outbreak has prompted the local government to tighten norms. The workers would board a dedicated shuttle bus between their dormitories and the factory.
- CATL held a 50% market share in China and over 30% of the global market.
- Automakers, including Tesla and Volkswagen, had to suspend production at their factories in Shanghai, followed by Nio, due to the lockdown.
- Price Action: NIO shares traded lower by 6.35% at $18.76 on the last check Monday.
