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Caixin

For electric-vehicle maker Nio, government tie-up has its benefits

Automaker gets $1.4bn credit line from Anhui province-based banks

New York-listed Nio, which lost about $1.6 billion in 2019, said in March it may not have enough liquidity to survive another 12 months.   © Reuters

Chinese electric-car maker Nio Inc. said it had secured credit lines worth 10.4 billion yuan ($1.48 billion) from six domestic banks, just months after inking a cooperation deal with a city government, as the company hunts for funding amid concerns of tightening liquidity.

The lenders are all branches of national state-owned commercial banks based in East China's Anhui province, including China Construction Bank Corp., Industrial and Commercial Bank of China Ltd., and Bank of China Ltd. Nio signed an agreement with them on Friday and will receive the credit line via its subsidiary Nio China, the company said in a statement.

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