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Benzinga
  • 2 years ago
Chinese electric vehicle maker Nio has secured $2.2 billion in investment from CYVN Holdings of Abu Dhabi, giving the Tesla challenger a longer financial runway as it seeks to make inroads in an increasingly competitive market. The deal, which follows a previous $1 billion investment from CYVN in July, will give the Emirates-based firm a 20% shareholding in Nio. CYVN will also be able to nominate two directors to Nio's board.
Transcript
00:00 It's Benzinga and here's what's on the block. Chinese electric vehicle maker NIO has secured
00:04 $2.2 billion in investment from CYVN Holdings of Abu Dhabi, giving the Tesla Challenger a
00:09 longer financial runway as it seeks to make inroads in an increasingly competitive market.
00:14 The deal, which follows a previous $1 billion investment from CYVN in July,
00:18 will give the Emirates-based firm a 20% shareholding in NIO. CYVN will also be able
00:22 to nominate two directors to NIO's board. NIO trails BYD and Tesla in China's cutthroat EV
00:28 market. Elon Musk's Tesla started cutting prices in China, the world's largest EV market, in October
00:33 of 2022 after a lost market share to competitors such as BYD. For all things money, visit Benzinga.com.
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