Electric Vehicle Maker Nio Says New China Entity to Draw Investment of 7 Billion Yuan

中国电动汽车制造商蔚来将吸引70亿元投资
Published on: April 29, 2020
Author: Amy Liu

Strategic investors will inject 7 billion yuan ($989 million) into Nio China, a new entity controlled by Chinese electric vehicle maker Nio Inc, the firm said on Wednesday.

In a statement, Nio said it would inject its core businesses and assets in China, which are valued at 17.77 billion yuan, into Nio China and invest 4.16 billion yuan in it.

Nio will hold 75.9% of Nio China, and investors the rest after the transactions are complete, it added.

Source: Reuters

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