ACCORDING TO FOREIGN MEDIA REPORTS, ELECTRIC CAR MAKER NIO CORP. CONFIRMED IT WAS IN TALKS WITH GAC GROUP, ANOTHER CHINESE CARMAKER, AFTER REPORTS THAT IT MIGHT INJECT CAPITAL INTO NIO, SENDING NIO’S SHARES SOARING, CLOSING UP 14.10 PER CENT AT $4.29 ON WEDNESDAY.
NIO, which mainly manufactures ES6 and ES8 plug-in SUVs, is currently in a cash crunch. However, NIO confirmed that it had discussed financial and strategic opportunities with Guangzhou Automotive Group, although the company cautioned that no final agreement had been reached.
It follows reports that GAC is ready to invest up to $1 billion in NIO.