NEW YORK -- Chinese electric vehicle maker NIO will accept an investment of up to 10 billion yuan ($1.45 billion) from a state-owned fund, as the company braces for further blows from the gradual phaseout of EV subsidies in China.
The Shanghai-based, New York-listed company announced on Tuesday it has entered into a framework agreement with Beijing E-Town Capital to establish a new entity, NIO China, in the city's economic-technological development area. E-Town Capital, which invests on behalf of the Beijing municipal government's economic development agency, will acquire a minority stake in NIO China.
