NIO Follows Up "NIO Day" With Capital Raise

Fresh off its "NIO Day" event over the weekend, Chinese electric-vehicle (EV) maker NIO (NYSE: NIO) announced it plans to issue convertible debt to raise $1.3 billion. Investors liked what they heard over the weekend when the company announced plans for its first luxury sedan, new longer-range battery, and updates on its battery-swap program. 

NIO is trying to build on the momentum with plans to issue $650 million each in 2026 and 2027 convertible senior notes. NIO said it plans to use the funds "mainly for general corporate purposes and to further strengthen its cash and balance sheet positions."

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Source Fool.com