June 17, 2024
Tesla challenger Nio gets $2.2 billion investment from Abu Dhabi’s CYVN

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Chinese language electrical automobile (EV) maker Nio has secured $2.2 billion in funding from CYVN Holdings of Abu Dhabi, giving the Tesla challenger an extended monetary runway because it seeks to make inroads in an more and more aggressive market.

The deal, which follows a earlier $1 billion funding from CYVN in July, will give the Emirates-based agency a 20% shareholding in Nio (NIO), the Shanghai-based EV upstart mentioned in a Monday assertion. CYVN can even be capable to nominate two administrators to Nio’s board.

“With the improved steadiness sheet, Nio is nicely ready to sharpen model positioning, bolster gross sales and repair capabilities, and make long-term funding in core applied sciences to navigate the intensifying aggressive panorama,” mentioned William Bin Li, founder and chief government officer of Nio within the assertion.

Based in 2014, loss-making Nio trails BYD (BYDDY) and Tesla (TSLA) in China’s cutthroat EV market.

Invoice Russo, founding father of Shanghai-based consulting agency Automobility, mentioned the EV maker is in tenth place in China. He says that, like others, Nio has needed to slash costs after Tesla began a value struggle over the previous 12 months.

Elon Musk’s firm began chopping costs in October 2022 in China, the world’s largest EV market, after it misplaced market share to rivals equivalent to BYD. It has repeatedly slashed costs on its China-made automobiles this 12 months.

Tesla reported a drop in third-quarter earnings in October, which analysts attributed to cost cuts affecting revenue margins, whilst the corporate maintained that it had had success in trimming the price of every automobile.

Russo mentioned Nio will profit from the brand new funding because it has been “spreading itself fairly skinny” by doing many issues without delay: launching new merchandise, increasing its battery swapping infrastructure and establishing showrooms at premiere places throughout China.

“On prime of that, they’re attempting to go world,” he mentioned. “That has required much more capital than their gross sales have been in a position to help.”

Nio has been providing battery swapping for its autos since 2019. It now claims to be the world’s largest operator of battery swapping expertise having carried out over 32 million battery swaps since then at greater than 2,100 stations.

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