NIO Inc. Announces Strategic Equity Investment from CYVN Holdings
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EVs gain as China extends tax breaks
June 21, 2023 8:25 AM EDTShares of Chinese electric vehicle companies NIO Inc (NYSE: NIO), Li Auto (NASDAQ: LI) and XPeng (NYSE: XPEV) are up by nearly 3% in pre-market trading on Wednesday after China extended a tax exemption policy for new energy vehicles (NEV).
According to the policy, jointly... More
Nio (NIO) gains $738M investment from CYVN Holdings
June 20, 2023 9:38 AM EDTChinese electric automaker, NIO Inc. (NYSE: NIO) announced Tuesday that the company has entered into a share subscription agreement with CYVN Holdings, an investment firm majority owned by the Abu Dhabi Government with a focus on advanced and smart mobility.
According to the agreement, CYVN will invest $738.5 million in cash to subscribe 84,695,543 newly issued Class A ordinary shares of the Company at a per share purchase... More
Bernstein optimistic as China EV sales show resilience
June 20, 2023 9:28 AM EDTBernstein released an analysis of the recovering Chinese auto industry following the COVID pandemic which led to extended lockdowns and supply chain interruptions and found that the electric vehicle industry, as a whole, remains resilient.
Analyst Eunice Lee wrote in a note, We are turning more positive on China's auto cycle and hold a cautiously optimistic view of the sector. The slow recovery from the beginning of the... More
