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Electric cars in China

China startup NIO gains $1bn state funding to chase Tesla

EV maker's crucial deal in Anhui follows attempts with Beijing and Shanghai

Chinese electric-car maker NIO brought a car to New York to celebrate its initial public offering there in 2018.   © Reuters

NEW YORK/PALO ALTO, U.S. -- When Chinese electric-car maker NIO sealed a 7 billion yuan ($1 billion) deal with a group of state investors Wednesday, the company wasted no time spreading the word to potential buyers.

Many consumers, while admiring NIO's vehicle models, have been on the fence about making a purchase, as they feared the Nasdaq-listed auto startup might go out of business, which would make future maintenance and battery charging difficult, if not impossible.

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