EV Maker NIO to Spend $850M to Purchase 3.305% of Subsidiary

(Source: Concept Carz)

Leading Chinese electric vehicle manufacturer NIO Inc. said on Feb. 4 that it will spend 5.5 billion yuan (approximately $850 million) to purchase 3.305% of its subsidiary entity NIO China from two investors.

Upon the completion of the deal, the company will hold an aggregate of 90.36% controlling equity interests in the Hefei-based…