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Electric vehicle maker Nio says new China entity to draw investment of 7 billion yuan

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Electric vehicle maker Nio says new China entity to draw investment of 7 billion yuan

 

FILE PHOTO: NIO ES8 electric SUVs are seen displayed at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. REUTERS/Aly Song

BEIJING (Reuters) – 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.

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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.

Reporting by Yilei Sun and Brenda Goh; Editing by Clarence Fernandez

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