CX Daily: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio
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Lawsuit /
In Depth: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio
Singaporean sovereign wealth fund GIC Pte. Ltd. is suing Chinese electric-vehicle (EV) maker Nio Inc. and executives for alleged securities fraud, in a bid to recover “tremendous” investment losses.
GIC filed a complaint with the New York Southern District Court in late August, accusing Nio, along with its CEO Li Bin and Chief Financial Officer Feng Wei, of violating securities law, alleging that they used a battery rental joint venture (JV) to inflate the automaker’s revenue.
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