Chinese EV maker Nio raises US$738.5 million from Abu Dhabi fund as competition in the domestic market escalates

Chinese electric vehicle (EV) builder Nio will receive US$738.5 million in fresh capital injection from an Abu Dhabi government-backed firm CYVN Holdings as the company beefs up its balance sheet at a time of a bruising price war in the industry which has seen price-sensitive investors migrating to cheaper models. The first time investor CYVN will buy 84.7 million newly-issued shares in the company at US$8.72 apiece, representing a 6.7 per cent discount to its closing price on the New York Stock

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