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.
Electric cars in China
China's NIO to receive $1.5bn state investment as EV subsidies fade
Sales slow and losses mount but quarterly results beat expectations
A NIO ES8 electric vehicle is on display at the Auto China 2018 show in Beijing in April 2018. © VCG via Getty Images
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