:CYVN Holdings, a firm backed by the Abu Dhabi government, will invest about $738.5 million in Nio Inc, the Chinese electric vehicle maker said on Tuesday, as it looks to bolster the company's balance sheet.Nio and peers Xpeng and Li Auto are among those competing to grab a larger EV market share in the world
:CYVN Holdings, a firm backed by the Abu Dhabi government, will invest about $738.5 million in Nio Inc, the Chinese electric vehicle maker said on Tuesday, as it looks to bolster the company's balance sheet.
Under the deal, Nio will issue about 85 million new Class A shares at $8.72 per share to CYVN Holdings.CYVN has also entered into a deal with an affiliate of Tencent Holdings, under which it will pick up some shares of Nio. Nio said it will pursue global business opportunities jointly with CYVN following the closing of the investment deal.
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