Nio (NIO) introduced a brand new, $2.2 billion funding from Abu Dhabi’s CYVN on Monday, a day after the Chinese language electrical car maker’s CEO accomplished a 1,000-kilometer drive on a single cost. Nio inventory jumped Monday morning.
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Abu Dhabi authorities fund CYVN Holdings will develop its stake within the Tesla (TSLA) rival to about 20%. CYVN will make investments $2.2 billion money for 294 million newly issued shares. In July, CYVN accomplished a $1.1 billion funding. That included a direct $738.5 million strategic funding in Nio, in addition to buying some $350 million price of shares from Tencent Holdings (TCEHY).
CYVN will get two seats on Nio’s board of administrators.
Nio’s 1,000-Kilometer Drive
On Sunday, William Li, Nio’s founder, chairman and CEO accomplished a livestream drive of 1,044 kilometers (624 miles) in an ET7 luxurious sedan. The 150-kWH semi-solid-state battery nonetheless had 3% of cost remaining. Nio first unveiled the semi-solid-state battery on the Nio Day 2020 even on Jan. 9, 2021.
It is the longest vary of any mass-produced electrical car up to now.
It is unclear what the battery value is however Nio’s battery swapping service opens up new choices. Nio house owners may lease an ultra-long-range battery for particular journeys.
On the livestream, Li confirmed that it’ll unveil a brand new flagship ET9 super-luxury ET9 sedan at Nio Day 2023 on Dec. 23.
Market Runs Scorching; 6 Megacaps In Purchase Vary
Nio Inventory
Nio inventory rose 5.7% to eight.44 on Monday, off early highs of 8.64. Shares jumped 8.1% final week, reclaiming its 50-day line. Nio inventory has tumbled from a 52-week excessive of 16.18 in August and its all-time excessive of 66.99 in January 2021.
Nio is shedding cash, one thing that is not anticipated to vary anytime quickly.
Individually, XPeng (XPEV) introduced a $1,400 limited-time low cost on its G6 crossover. It is the newest spherical in an intensifying China EV worth battle. The flagship EV accounted for 43% of XPeng’s deliveries in November.
XPEV inventory edged larger intraday Monday. Shares have been down almost 13% this month as of Dec. 15.
Please observe Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for inventory market updates and extra.
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