Nio, the Tesla of China, surges 35% after confirming talks for $1.4 billion in government funding
Shares ofsurged as much as 35% in early trading Tuesday after the company confirmed that it is in talks with the municipal government of Hefei, where its main manufacturing hub is located. Nio is looking to raise more than 10 billion yuan, or $1.42 billion,Under the preliminary agreement, the Hefei government expects to provide resources and funding support for the long-term growth of Nio in the city, the capital of the Anhui province,.
The electric-vehicle company has been short on cash and struggling to raise capital amid China's slowing auto market. In February alone, Nio has issued $200 million of short-term convertible notes in two rounds to bring in enough cash to meet its needs. Nio will provide additional details in the next two months, Reuters reported. The company's agreement with Hefei is one of eight major deals the city has signed in efforts to control the spread of coronavirus and support economic development,
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