Chinese electric car company Nio announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government.
The deal was priced at $8.72 a share, a release said. That's 6.7% below where Nio's U.S.-listed shares closed Tuesday.
In the last several months, Middle East investors have increasingly looked for opportunities in China, especially in electric cars. Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China.announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government.The deal was priced at $8.72 a share, a release said. That's 6.7% below where Nio's U.S.-listed shares closed Tuesday, down by about half a percent.and that it was delaying capital expenditure and some research and development projects.
The company said then it had enough cash to support its business. Nio disclosed cash and cash equivalents of 14.76 billion yuan as of March, below what it disclosed for the end of 2021 and 2022.Can't explain why investors are shying away from China stocks 'based on fundamentals': Brendan Ahern
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