JUNEASIA BUSINESS OUTLOOK9Nio, a Chinese electric vehicle manufacturer, has collaborated with its larger competitor, BYD, to procure batteries for a new electric vehicle brand, according to three sources familiar with the situation. This partnership represents a strategic shift for BYD, aiming to expand its revenue sources beyond its existing electric vehicle brand. Additionally, it underscores the fierce competition in China's electric vehicle market, particularly regarding pricing, where batteries represent the most significant cost component in a vehicle.In December, Nio shifted its strategy away from initially intending to manufacture batteries internally, opting instead to prioritize cost reduction. The company has officially announced the name of its new brand as "Onvo" in English and "Ledao" in Chinese, coinciding with the launch of a dedicated website for the vehicle. The upcoming Onvo L60 is anticipated to compete directly with Tesla's Model Y. Currently, Nio primarily procures its batteries from CATL, a leading player in the industry.Reuters said it was unable to determine the specific size of the battery contracts between Nio and its suppliers, nor were there any details available regarding projected sales or production figures. Chinese consumers of electric vehicles, especially those seeking cost savings, appreciate the availability of lower-range batteries and the convenience of battery swapping stations provided by companies like Nio, along with charging infrastructure. PwC has announced a significant new deal with OpenAI, becoming the largest customer and first reseller of OpenAI's enterprise product, ChatGPT Enterprise. This move comes as businesses globally are increasingly adopting generative artificial intelligence to enhance their operations. PwC will deploy ChatGPT Enterprise to its 75,000 employees in the U.S. and 26,000 employees in the UK.The Wall Street Journal, which first reported on this agreement, noted that PwC is already heavily involved in generative AI with over 95 percent of its UK and US consulting client accounts and is discussing AI's use and implications with many of its audit clients. While the financial terms of the deal were not disclosed, PwC indicated it is also preparing to resell the AI product, though specific details on these plans were not provided.For OpenAI, this partnership with PwC is a step towards increasing its enterprise customer base beyond its significant collaboration with Microsoft. OpenAI has been actively pitching its AI services to corporate clients, with CEO Sam Altman engaging with executives from Fortune 500 companies in major cities like San Francisco, New York, and London. This strategy is part of OpenAI's efforts to cement its position in the enterprise AI market. In May, OpenAI also secured a content agreement with News Corp, the owner of the Wall Street Journal.Overall, this partnership underscores the growing importance of generative AI in the corporate world, with companies like PwC leading the way in integrating advanced AI tools to enhance business operations and client services. NIO COLLABORATES WITH BYD TO MANUFACTURE BATTERIES FOR ITS EVSPWC TO BE OPEN AI'S BIGGEST CUSTOMER FOR ITS ENTERPRISE PRODUCTNEWSROOM
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