Chinese electric vehicle maker Nio just got a $2.2 billion funding boost from Abu Dhabi–based CYVN, even as its stock struggles to breach the $10 mark.
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CYVN, which pumped more than $1 billion into Nio back in July, bought 294 million shares at $7.50 each this time, Nio said in a statement. The latest infusion brings the Abu Dhabi investment vehicle’s stake in the EV manufacturer above 20%.
The war-chest top-up comes as Nio is “debating” a US entry by 2025, considering “any kind of partnerships” to do so, according to Ganesh Iyer, CEO of Nio USA.
Nio’s advantage
Founded in 2014—more than a decade after Tesla—Nio calls itself a “pioneer” because of its
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