Running Low on Cash, Chinese Electric Vehicle Maker NIO Makes a $235 Million Deal
Chinese electric vehicle maker NIO (NYSE: NIO) said that it will raise $235 million by issuing short-term notes that convert into stock to several un-named Asian investment funds. The deal will close by Feb. 11, the company said.
NIO raised $100 million in a similar fashion in early February. At the time, investors questioned whether NIO was raising funds in order to meet its monthly payroll, which had been postponed by a week.
China's slumping car market has hurt demand for NIO's upscale electric SUVs. Image source: NIO, Inc.
Source Fool.com