Tesla challenger Nio in strategic funding talks with Guangzhou Automobile

Nio Inc released the flagship smart electric SUV ES8 at Shenzhen Bay Sports Centre on December 28, 2019. Source: Visuals from the company website

Tesla challenger Nio Inc said on Wednesday it was exploring financing and strategic opportunities with Chinese automaker Guangzhou Automobile Group, but the talks were in a preliminary stage.

Earlier in the day, news website Sina Finance reported that Nio was in talks with Guangzhou to finance up to $1 billion, sending U.S.-listed shares of the electric-car maker up about 17% in heavy trading.

Electric-car makers are battling uncertain demand in China, the world’s largest car market, as it rolls back subsidies on new energy vehicles amid criticism that some firms have become overly reliant on funds.

Nio on Dec. 30 had warned in its quarterly report that it did not have adequate cash for continuous operation in the next 12 months and it was looking for external financing.

U.S.-listed shares of the electric-car maker were jumped 17% to $4.40 in late afternoon trading.

Nio said the New York Stock Exchange had contacted it after the unusual market activity in its American Depositary Shares.

Reuters

 

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.

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.