Electric Car

Almost at the last moment, Nio was once again getting the long-awaited funding: more than 10 billion yuan. The capital market gave positive feedback, and the pre-market share price rose over 33%.

"Nio China's presence in Hefei does not mean that we are moving or evacuating Shanghai. Shanghai is still the global management headquarters." Yuguan Cheshi quoted Nio President Qin Lihong as saying.

In response to previous reports that Geely will invest 300 million US dollars in Nio, Nio chairman and CEO Li Bin today denied the rumor.

On February 25, the Nio SUV EC6 mass production project was launched at the Hefei Jianghuai Nio Advanced Manufacturing Base.

Due to battery shortages, Audi temporarily suspended production of its electric SUV E-Tron.

Nio shares surged about 21% in pre-market trading after previous reports said its China headquarters will be located in Hefei and planned to raise 10 billion yuan.

In the previous financial report, Tesla disclosed the Model Y cross-border sports utility vehicle, which began mass production in January and is expected to begin delivery at the end of the first quarter.

Geely still have an intention to invest in Nio, especially after the failed acquisition of Aston Martin, Geely needs new projects to improve its strategic layout, 21st Century Business Herald quoted people familiar with the matter as saying.

Volvo's Polestar brand recently released a preview image of its new electric concept car, which is expected to officially debut at the 2020 Geneva Motor Show that is set to open on March 3.