Nio Inc, one of China’s high-profile electric car startups, disclosed a fresh mo...
BEIJING - Nio Inc, one of China’s high-profile electric car startups, disclosed a fresh money-raising push this week, saying it had issued $200 million worth of bonds and was accelerating cost-cutting programs to slow cash burn as the company seeks to attract more investors in a slumping market.
In an unusual move, Nio canceled a scheduled earnings conference call on Tuesday. But it rescheduled the call on Wednesday after the company’s shares touched a record low of $1.97. Nick Wang, Nio Group’s head of finance, said the company’s gross margins “will still be negative for the rest of the year.” But Chief Financial Officer Tung-June Hsieh said Nio has made “significant, positive progress” in its latest fund-raising efforts, without providing details.Nio also announced a $200 million private placement of convertible notes, split equally between early investor Tencent Holdings and founder Li. Nio had $503.4 million in cash on the balance sheet as of June 30.
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