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Reading: Nio’s Subsidiary Secures $471 Million Boost for EV Innovation
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Mobility

Nio’s Subsidiary Secures $471 Million Boost for EV Innovation

Rary Maharani
Last updated: October 4, 2024 1:16 am
Rary Maharani
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  • Nio’s subsidiary receives $471 million from Hefei-backed investors
  • The company strengthens its financial position
  • Nio introduces affordable SUV to compete against Tesla

Contents
Cash InjectionStrategic MovesCompetitive Edge

Cash Injection

Chinese electric vehicle giant Nio has announced a significant funding round for its subsidiary, Nio China.

A consortium of investors backed by the Hefei government in Anhui province has injected 3.3 billion yuan ($471 million) into the company.

Strategic Moves

Nio plans to invest an additional 10 billion yuan in the subsidiary. This move will slightly reduce Nio’s ownership from 92.1% to 88.3%.

The funding aims to bolster Nio’s position in technology, products, services, multi-brand strategy.

Competitive Edge

The investment comes at a crucial time for Nio. The company recently unveiled its Onvo L60 SUV, priced at 206,900 yuan – a direct challenge to Tesla’s Model Y.

This funding boost could accelerate Nio’s product development race against global EV competitors.

TAGGED:div5

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