NIO is a Chinese automotive manufacturer based in Shanghai, specializing in the design and development of autonomous electric vehicles and will open a plant in Beijing
E-town is the investment platform of the economic-technological development area of Beijing, in the southern district of Daxing, and thanks to this platform Nio, the Chinese startup for the production of electric cars, will receive funding of 1.4 billion dollars.
The round is led by Beijing E-town International Investment and Development, but Nio, for its part, will also offer funds and build a production facility in the area.
Nio has already signed the framework investment contact with E-town this month
As reported by Yicai Global, Nio has already signed the framework investment contact with E-town this month and in the future Nio will establish a new entity, Nio China. To this end, in the development area, according to the agreement, the specific activity and activities in the newly formed entity will also be created.
The investment platform will offer CNY 10 billion ($ 1.4 billion) in cash to Nio China through its designated investment company or in concert with other investors to obtain rights and interests as non-controllers of Nio China.
However, the planned production scale of the plant and the amount of investments remain unknown.
Nio is listed on the New York Stock Exchange [NYSE: NIO] in September, raising funds for $ 1 billion. Nio announced the construction of a plant in Shanghai in October, but canceled it in March.
Nio delivered 3,989 ES8 electric vehicles in the first quarter in sharp decline compared to 7,980 in the fourth quarter. It is expected that the amount of deliveries will drop steadily in the second quarter between 2,800 and 3,200.
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