GAC Group plans to invest USD 1 billion in NIO

15 January 2020, 06:23:08

On January 15, Chinese media reported that GAC Group plans to invest 1 billion US dollars in NIO. It is believed that with the launch and delivery of the NIO EC6, the brand's demand for funds will increase, and the next round of financing will become the focus of external attention. At the Q3 financial report meeting, the company's Chief Financial Officer (CFO) Feng Wei said that NIO has made significant progress in financing projects but related confidential information cannot be disclosed to the public. In 2019, NIO made a prolonged internal re-organization and significantly reduced its staff. Other company's that are rumoured to invest in NIO, in addition to GAC Group, are Geely and FAW Group. There were rumors that Great Wall wants to buy out NIO and/or take control over the company but NIO denied those rumors. On January 15, the share price of NIO rose over 19% in pre-market trading.Source

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