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.
And if you’re having trouble with a paywall, assuming you don’t have a subscription – webcache.googleusercontent.com/search?q=cache:ixffClTpcCcJ:https://asia.nikkei.com/Spotlight/Electric-cars-in-China/China-s-NIO-to-receive-1.5bn-state-investment-as-EV-subsidies-fade+&cd=1&hl=en&ct=clnk&gl=us
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