Chinese Tesla Rival NIO Just Bought a Little More Time

For the second month in a row, Chinese electric-vehicle maker NIO (NYSE: NIO) has announced a short-term funding deal right before its monthly payroll is due. The company said on March 5 that it has secured a deal to raise $235 million through the sale of short-term convertible notes to unnamed investment funds in Asia. The deal is expected to close by March 11.

NIO has said that it's negotiating a longer-term funding deal with a city government in eastern China. But this short-term raise is a sign that the larger deal isn't closing soon -- and that NIO remains a cash-strapped operation.

Here's what we know.

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Source Fool.com