China’s smart electric vehicle player NIO Anhui raises $679m from investors

NIO

New York-listed Chinese smart electric vehicle company NIO Inc on Tuesday said that its fully-owned unit NIO (Anhui) Holding Co Ltd has received a cash injection of 4.8 billion yuan ($679 million) in line with an agreed payment schedule with strategic investors.

In April this year, NIO had forged an agreement with a slew of investors including Hefei Construction Investment & Holding, CMG-SDIC Fund and Anhui Provincial Emerging Industry Investment to raise $1.04 billion.

As part of the deal, NIO Anhui will receive another 2 million yuan ($282,745) in cash before September 30, 2020. The company has already secured 2.556 billion yuan ($361 million) from its parent company NIO in two instalments.

Upon the completion of the transaction, NIO China will retain a 75.885 per cent stake in NIO Anhui, while the remaining 24.115 per cent stake will be held by other investors.

“The strategic investments in NIO China will provide sufficient funds to support NIO’s continuous efforts to lead the technology and product development of the premium smart electric vehicles, and to offer the best user experience and services,” said William Bin Li, founder, chairman and chief executive officer of NIO, in the statement.

“In the near term, we will focus on improving our production capacity and expanding our network coverage to further accelerate our growth. In the long term, we remain committed to building the best user enterprise for NIO to share a joyful life and to grow together with our users.”

Founded in November 2014, NIO designs and manufactures new generation smart EVs. It moved its headquarter from Shanghai to Hehui in February this year, and has divisions in Beijing, Shanghai, London, Munich and San Jose. The company got listed in New York in 2018.

Its investors include Temasek Holdings, GIC Pte, Baillie Gifford & Co, IDG Capital, Hillhouse Capital, Warburg Pincus, CICC Capital, Lenovo Capital, Tencent, Baidu and Lenovo Capital.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.