The carmaker, seen as a challenger to Tesla Inc , has been hurt by dwindling demand and reduced government subsidies for electric vehicles in China, the world’s largest car market. Last month, it signed https://www.reuters.com/article/nio-funding-electric/update-1-chinese-ev-maker-nio-in-talks-with-hefei-on-funding-plants-idUSL3N2AP2L8 framework agreements with Hefei’s city government to raise more than 10 billion yuan and set up new manufacturing facilities. Vehicle sales in China fell 18% in January while sales of battery electric and other so-called new energy vehicles plunged 54.4%, preliminary data from the China Association of Automobile Manufacturers (CAAM) showed. …read more
Source:: Yahoo Finance
