Chinese EV maker Nio today disclosed progress on the Hefei strategic investment agreement, saying it has completed the capital injection as planned.
The strategic investors has paid RMB 4.8 billion to Nio (Anhui) Holdings Ltd. and the remaining RMB 200 million of the total RMB 5 billion cash investment from the first two tranches will be paid by September 30, 2020.
Nio had announced the signing of the Nio China Headquarters in Hefei project agreement on April 29 this year, in which the strategic investor will pay the 7 billion RMB investment in Nio China in five installments.
In turn, Nio will invest RMB 4.26 billion in Nio China.
Upon completion of the investment, Nio will hold 75.885% of Nio China, while the strategic investors will jointly hold the remaining 24.115%.
As of June 29, the parties had completed the capital injection of RMB 7.356 billion as planned.
Nio shares went up by more than 1 percent in pre-market trading on Monday.