NIO gains RMB10 billion worth of investment

Shanghai (Gasgoo)- China-based EV startup NIO got RMB10 billion worth of investment on May 28 by signing a framework agreement with Beijing E-Town International Investment & Development Co.,Ltd (Beijing E-Town Capital)，an investment corporation headquartered in Beijing Economic-Technological Development Area.

According to the agreement, NIO is going to set up a new entity “NIO China” at Beijing Economic-Technological Development Area and inject specific businesses and assets into the new arm. Meanwhile, Beijing E-Town Capital will plow RMB10 billion worth of cash into “NIO China” through its affiliated entities or jointly with third parties in NIO China. The transaction will grant the Beijing-based investor with a minority equity stake of NIO China.

Moreover, Beijing E-Town Capital will help the soon-to-be-built entity to build an advance manufacturing base independently or with joint efforts from the third party. The base is set to produce vehicles based on NIO's next-generation platform 2.0 (NP2).

On the same day, the ES6, NIO's second mass-produced model, officially rolled off the production line at a plant in Hefei. The startup will begin the delivery of ES6 SUVs next month.

Li Bin, founder, chairman and CEO of NIO, said that the company has by far received over 12,000 ES6s orders, among which more than 5,000 orders came after the Auto Shanghai 2019.