China EV Maker Nio Considering Raising $3 Billion From Investors - Bloomberg
Nio Inc. is considering raising around $3 billion from investors, according to people familiar with the matter, as questions swirl around the Chinese electric-car maker’s health amid mounting losses.
Shanghai-based Nio has approached investors from the Middle East, the people said, asking not to be identified discussing matters that are private. The fundraising could happen as soon as next year, one of the people said.
Nio said in a statement that it “currently has no reportable capital raising activity,” aside from the $1 billion convertible notes offering the company announced completing earlier Monday. In June, Nio raised around $738 million from a share sale to Abu Dhabi’s CYVN Holdings LLC.
Nio’s American depositary receipts fell as much as 7% shortly after the start of US trading and were down 2.7% as of 9:55 a.m. in New York.
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