07:20 AM EDT, 10/01/2024 (MT Newswires) -- (Corrects the investment amount in the headline and reporting day in the first paragraph.)

Nio (NIO) said Sunday its Nio China subsidiary will receive 3.3 billion Chinese renminbi ($470.6 million) in strategic investments from Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment, and CS Capital, for newly issued shares.

At the same time, NIO said it will invest 10 billion renminbi cash for the new shares of NIO China.

Upon completion of the transaction, NIO, a smart electric vehicle manufacturer which currently holds a 92.1% interest in NIO China, will hold an 88.3% controlling interest in it, while the other investors will hold the remaining 11.7%.

Under terms of the deal, NIO said it has the right to invest an additional 20 billion renminbi in shares of NIO China by Dec. 31, 2025.

The transaction is subject to regulatory approval.

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