Mentioned:
One of the most popular electric vehicle companies in China has just raised more than a billion dollars. But, why?
What’s happening:
- China based vehicle manufacturer NIO (NYSE: NIO) has successfully raised $1.6B USD in a new equity financing round
- The new capital raise was led by Morgan Stanley, UBS and Deutsche Bank
Why it matters:
- NIO’s new funding round is one of the single largest capital raises the company has ever done since going public and the largest financing they have done in more than half a decade
Going deeper:
- NIO has publicly stated the fresh funding will be used to accelerate the research and development of their core electric vehicle technology as well as expanding their battery swapping and charging network infrastructure
- NIO’s electric vehicles are highly popular in China and Europe and will soon be available in Singapore and Costa Rica
