Nio Gets Into Lithium Mining With $7.8 Million Stake in Australia’s Greenwing

Chinese electric car maker Nio Inc. acquired a 12% stake in Australian lithium mining company Greenwing Resources Ltd., becoming the first Chinese new-energy vehicle (NEV) maker to enter the mining industry.

Blue Northstar Ltd., a wholly owned subsidiary of Nio, agreed to pay A$12 million ($7.8 million) for 21.8 million Greenwing shares at A$0.55 each, Greenwing said Monday in a statement. Nio will gain a seat on the board of the Australian-traded company, which has three lithium mining projects in Argentina and Madagascar.