Nio announced a new, $2.2 billion investment from Abu Dhabi's CYVN on Monday, a day after the Chinese electric vehicle maker's CEO completed a 1,000-kilometer drive on a single charge. Nio stock rose solidly Monday.
Abu Dhabi government fund CYVN Holdings will expand its stake in the Tesla rival to about 20%. CYVN will invest $2.2 billion cash for 294 million newly issued shares. In July, CYVN completed a $1.1 billion investment. That included a direct $738.5 million strategic investment in Nio, as well as acquiring some $350 million worth of shares from Tencent Holdings.
CYVN will get two seats on Nio's board of directors.
Nio's 1,000-Kilometer Drive
On Sunday, William Li, Nio's founder, chairman and CEO completed a livestream drive of 1,044 kilometers (624 miles) in an ET7 luxury sedan. The 150-kWH semi-solid-state battery still had 3% of charge remaining. Nio first unveiled the semi-solid-state battery at the Nio Day 2020 even on Jan. 9, 2021.
It's the longest range of any mass-produced electric vehicle to date.
It's unclear what the battery cost is but Nio's battery swapping service opens up new options. Nio owners could rent an ultra-long-range battery for special trips.
On the livestream, Li confirmed that it will unveil a new flagship ET9 super-luxury ET9 sedan at Nio Day 2023 on Dec. 23.
Market Runs Hot; 6 Megacaps In Buy Range
Nio Stock
Nio stock rose 4.6% to 8.35 on Monday, off morning highs of 8.64. Shares jumped 8.1% last week, reclaiming its 50-day line. Nio stock has tumbled from a 52-week high of 16.18 in August and its all-time high of 66.99 in January 2021.
Nio is losing money, something that isn't expected to change anytime soon.
Separately, XPeng announced a $1,400 limited-time discount on its G6 crossover. It's the latest round in an intensifying China EV price war. The flagship EV accounted for 43% of XPeng's deliveries in November.
XPEV stock fell 1% Monday. Shares were down nearly 13% this month as of Dec. 15.
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