Chinese EV maker Nio raises more than $700 million in capital injection from Abu Dhabi

BEIJING — Chinese electrical car institution Nio announced Tuesday it received $738.5 cardinal successful caller superior from a money owned by the Abu Dhabi government.

The strategical concern yet gives the fund, CYVN Holdings, a 7% involvement successful Nio.

The woody was priced astatine $8.72 a share, a merchandise said. That's 6.7% beneath wherever Nio's U.S.-listed shares closed Tuesday, down by astir fractional a percent.

Nio earlier this period said lackluster car deliveries was affecting currency flow, and that it was delaying superior expenditure and immoderate probe and improvement projects.

The institution said past it had capable currency to enactment its business. Nio disclosed currency and currency equivalents of 14.76 cardinal yuan ($2.07 billion) arsenic of March, beneath what it disclosed for the extremity of 2021 and 2022.

In the past respective months, Middle East investors person progressively looked for opportunities successful China, particularly successful electrical cars.

China-based funds person besides looked to Middle East capital arsenic investors from the U.S. and different regions turned cautious connected China amid regulatory uncertainty.

Nio said it expects the woody with the Abu Dhabi money to adjacent successful aboriginal July, aft which they program to "pursue opportunities successful Nio's planetary business."

The statement besides gives CYVN the close to nominate a manager to Nio's board, the announcement said.