Shares of the Chinese electric car maker surged in pre-market trading on Monday after NIO Group announced a $2.2 billion investment from an Abu Dhabi investor.
Updated December 18, 2023 19:35 CST
Shares of NIO Group Inc. (NIO) surged in pre-market trading on Monday after the Chinese electric car maker announced a $2.2 billion investment from an Abu Dhabi investor.
According to the terms, CYVN will invest US$2.2 billion to obtain 294 million shares of NIO Group at a price of US$7.50 per share. NIO Group’s closing price on Friday was $7.98.
NIO Group’s U.S.-listed shares rose 11% to $8.82 before the market opened.
Previously, CYVN invested US$738.5 million in Weilai Group in July and acquired funds from Tencent,…
Shares of NIO Group Inc. (NIO) surged in pre-market trading on Monday after the Chinese electric car maker announced a $2.2 billion investment from an Abu Dhabi investor.
According to the terms, CYVN will invest US$2.2 billion to obtain 294 million shares of NIO Group at a price of US$7.50 per share. NIO Group’s closing price on Friday was $7.98.
NIO Group’s U.S.-listed shares rose 11% to $8.82 before the market opened.
Previously, CYVN invested US$738.5 million in NIO Group in July and purchased US$350 million of NIO Group shares from Tencent (0700.HK). After the new deal is completed, the Abu Dhabi company will hold 20% of NIO Group’s shares and have the right to nominate two directors.
William Bin Li, founder, chairman and CEO of NIO Group, said in a statement: “With its strengthened balance sheet, NIO is fully prepared to cope with the increasingly fierce competitive landscape. While strengthening brand positioning, improving sales and service capabilities and making long-term investments in core technologies, we will continue to improve execution efficiency and systematization capabilities.”
(This article is translated from MarketWatch. MarketWatch is operated by Dow Jones, the parent company of The Wall Street Journal, but MarketWatch is independent from Dow Jones Newswires and The Wall Street Journal.)
2023-12-18 11:35:00
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