The government of Abu Dhabi is taking a 7% stake in Nio Inc. and will gain a board seat, giving the electric carmaker a capital infusion as it contends with losses and uncertain demand in China’s competitive EV market.
CYVN Holdings LLC, an investment entity controlled by Abu Dhabi, agreed to buy about 85 million newly issued Class A shares for $738.5 million in cash, or $8.72 apiece, according to a statementBloomberg Terminal Tuesday. CYVN is acquiring another 40 million shares from Chinese internet giant Tencent Holdings Ltd. to achieve the 7% stake.
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