NIO secures USD 1.16 billion in financing to accelerate technology research and development and market expansion
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NIO Inc. (09866) announced on September 17th that it has successfully completed a financing of USD 1.16 billion, which will be used for technology research and development, vehicle model development, and the expansion of charging and battery swap infrastructure. UBS has upgraded its investment rating to "Buy" and raised the target price to USD 8.50. The successful financing and positive sentiment from institutions drove NIO's Hong Kong stock up over 11%, while its U.S. stock rose over 8%. The all-new ES8 model will be launched this week, with strong delivery performance further boosting market confidence
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