Nio Wins $1.1 Billion Investment From Abu Dhabi-Backed Fund

What’s new: Nio Inc. has announced that it will receive a nearly $1.1 billion investment from a fund primarily owned by the Abu Dhabi government, as the U.S. and Hong Kong-listed electric-vehicle (EV) maker fights for a bigger slice of China’s highly competitive auto market.

Shanghai-based Nio said that it has signed a share subscription agreement with CYVN Holdings LLC, which plans to pay $738.5 million in cash for about 84.7 million newly issued class A ordinary shares of the automaker for $8.72 apiece, according to a statement released Tuesday. The transaction is expected to close in early July.