Unit of Chinese EV maker Nio gets US$471 million in fresh funding for new models

Quick Summary:

Subsidiary receives US$471 million from a consortium of investors backed by the government of Hefei in Anhui province, where Nio has two factories.

It added that the Shanghai-based carmaker has the right to subscribe to another 20 billion yuan worth of shares in the subsidiary by the end of 2025.

Following the share placement, Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment and CS Capital, along with other existing shareholders of Nio China, will increase their ownership from 7.9 per cent to 11.7 per cent, Nio said.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Daniel Ren

Category: Technology

Markets: Hong KongChina

Topics: Anhui Shanghai-based Capital Products Hefei Cent Subsidiary Yuan Carmaker Company Billion

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-29 @ 19:02:39 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 219 words

Reading Time: 2 minutes read

Sentences: 5 lines

Sentence Length: 44 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22769981

View Article Analysis

About SCMP

Main Topics: Technology

Official Website: scmp.com

Update Frequency: 4 posts per day

Year Established: 1903

Headquarters: Hong Kong

News Last Updated: 6 hours ago

Coverage Areas: Hong Kong

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #41

Publisher Details

Frequently Asked Questions