Author: Sean O'Kane
Photo by Sean O’Kane / The Vergee
Chinese EV startup Nio announced its first-quarter results last week and, by most accounts, the Tencent-backed company appears to have weathered the impact of COVID-19. That argument was further bolstered on Thursday when Nio released strong May delivery figures. But Nio also recently finalized a crucially-timed $1 billion bailout from a local government in China, and the price the company had to pay to survive is becoming increasingly apparent.
Now Nio — which is billed as an independent startup with ambitions to sell cars in Europe and the US, and even has offices in London, Munich, and Silicon Valley — is more anchored to the whims of the Chinese government than before. And owners of Nio shares that trade on the New York Stock...
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Chinese EV startup Nio announced its first-quarter results last week and, by most accounts, the Tencent-backed company appears to have weathered the impact of COVID-19. That argument was further bolstered on Thursday when Nio released strong May delivery figures. But Nio also recently finalized a crucially-timed $1 billion bailout from a local government in China, and the price the company had to pay to survive is becoming increasingly apparent.
Now Nio — which is billed as an independent startup with ambitions to sell cars in Europe and the US, and even has offices in London, Munich, and Silicon Valley — is more anchored to the whims of the Chinese government than before. And owners of Nio shares that trade on the New York Stock...
Continue reading…
Continue reading...