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Industrials

Nio announces JV and 10 billion yuan investment plan from Beijing E-Town Capital

BEIJING (Reuters) - China’s Nio Inc will form a joint venture with Beijing E-Town International Investment and Development Co. Ltd which will invest 10 billion yuan ($1.45 billion) in the new entity, the electric vehicle (EV) maker said in a statement on Tuesday.

E-Town Capital will support a new manufacturing facility for Nio’s next-generation platform 2.0 (NP2) vehicles, it said, adding the parties are continuing to work towards a final binding definitive agreement on the investment.

Nio’s U.S.-listed shares were up 7% to $4.13 in premarket trade after the company reported better-than-expected Q1 results.

Reporting by Yilei Sun in Beijing and Brenda Goh in Shanghai; editing by Jason Neely

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