China’s Nio to get near $740 mn investment from Abu Dhabi-backed firm
CYVN Holdings, a firm backed by the Abu Dhabi government, will invest about $738.5 million in Nio Inc, the Chinese electric vehicle maker said on Tuesday, as it looks to bolster the company’s balance sheet.
Nio and peers Xpeng and Li Auto are among those competing to grab a larger EV market share in the world’s largest automotive market dominated by BYD.
Under the deal, Nio will issue about 85 million new Class A shares at $8.72 per share to CYVN Holdings.
The news sent Nio’s US-listed shares down about 1 per cent at $9.30.
