April 29, 2020 / 6:38 AM / a month ago

Electric vehicle maker Nio says new China entity to draw investment of 7 bln yuan

BEIJING, April 29 (Reuters) - Strategic investors will inject 7 billion yuan ($989 million) into Nio China, a new entity controlled by Chinese electric vehicle maker Nio Inc , the firm said on Wednesday.

In a statement, Nio said it would inject its core businesses and assets in China, which are valued at 17.77 billion yuan, into Nio China and invest 4.16 billion yuan in it.

Nio will hold 75.9% of Nio China, and investors the rest after the transactions are complete, it added. ($1=7.0778 Chinese yuan renminbi) (Reporting by Yilei Sun and Brenda Goh; Editing by Clarence Fernandez)

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