Nio (NIO) gains $738M investment from CYVN Holdings

EVs gain as China extends tax breaks

Shares of Chinese electric vehicle companies NIO Inc (NYSE: NIO), Li Auto (NASDAQ: LI) and XPeng (NYSE: XPEV) are up by nearly 3% in pre-market trading on Wednesday after China extended a tax exemption policy for new energy vehicles (NEV).

According to the policy, jointly... More

Bernstein optimistic as China EV sales show resilience

Bernstein released an analysis of the recovering Chinese auto industry following the COVID pandemic which led to extended lockdowns and supply chain interruptions and found that the electric vehicle industry, as a whole, remains resilient.

Analyst Eunice Lee wrote in a note, We are turning more positive on China's auto cycle and hold a cautiously optimistic view of the sector. The slow recovery from the beginning of the... More

NIO Inc. (NIO) Announces Strategic Equity Investment from CYVN Holdings

NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (NIO or the Company), a pioneer and a leading company in the premium smart electric vehicle market, today announced that it has entered into a share subscription agreement with CYVN Holdings L.L.C., an investment vehicle majority owned by the Abu Dhabi Government strategically focused on advanced and smart mobility (the Investor or CYVN Holdings), pursuant to which the Investor will invest an aggregate of US$738.5 million in cash to subscribe 84,695,543 newly issued Class A ordinary shares of the Company at a per share purchase price of US$8.72, being the... More

Hyundai increases annual EV investment to $28B

Hyundai Motor announced Tuesday that the Korean multi-national automaker plans to raise its average annual investment in electrification by nearly two thirds to $28 billion over the next decade to restructure its business in China and boost electric vehicle (EV) sales.

Hyundai CEO Jaehoon Chang told investors that China, the world's largest vehicle market, had been very profitable up until 2016 but it was now the biggest risk as the automaker had lost market share to... More

NIO Inc. (NIO) unveils ET5 Touring electric station wagon

NIO Inc. (NYSE: NIO) has officially unveiled their electric station wagon, named the ET5 Touring. The electric station wagon was developed with the European market in mind with the aim of rivaling BMW, Porsche, and other premium automakers.

NIO says the model is now open for ordering in... More

EV startups look to extend impressive rally Friday

On Friday, electric vehicle startups such as Nikola (NASADQ: NKLA) and Lordstown Motors (NASDAQ: RIDE) are poised to continue a remarkable rally in share prices, propelling these financially strained companies towards substantial weekly gains.

The impressive winning streak comes without any apparent news or catalyst for the... More

Deutsche Bank reiterates Buy on NIO Inc. (NIO) as management shows volume capture urgency

Deutsche Bank reiterated a Buy rating and $13.00 price target on NIO Inc. (NYSE: NIO) after meeting with management following the automakers 1Q earnings report.

Deliveries for the first quarter were already reported at 31,041 units, leading to revenue of 10.7bn RMB, missing the consensus estimate of 11.7bn RMB, hurt by lower ASP. Gross margin of 1.5% also missed consensus, driven by downside in vehicle margin, but partially offset by "other" margin.

Analyst Edison Yu wrote in a note, Our main takeaway following 1Q earnings and hosting NIO management (CFO inperson in NYC... More