Chinese Electric Vehicle Maker NIO divests from US listing, creating new entity “NIO China” in order to receive $1.5bn in state funding

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asia.nikkei.com/Spotlight/Electric-cars-in-China/China-s-NIO-to-receive-1.5bn-state-investment-as-EV-subsidies-fade

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.

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