April 14, 2024

Ferrum College : Iron Blade Online

Complete Canadian News World

Nio stock jumps on historic 1,000-kilometre route for Chinese electric car maker in Abu Dhabi Investment

Nio stock jumps on historic 1,000-kilometre route for Chinese electric car maker in Abu Dhabi Investment

New (NewAbu Dhabi’s CYVN announced a new $2.2 billion investment on Monday, a day after the CEO of the Chinese electric car maker completed a 1,000-kilometre journey on a single charge. Nio shares rose strongly on Monday.


Abu Dhabi Government Fund CYVN Holdings will expand its stake in Tesla (TSLA) competitive for about 20%. CYVN will invest $2.2 billion in cash in exchange for 294 million newly issued shares. In July, CYVN completed a $1.1 billion investment. This included a direct strategic investment of $738.5 million in Nio, as well as the acquisition of shares worth $350 million from Tencent. Collectibles (TCEHY).

CYVN will have two seats on Nio’s board of directors.

Neo’s 1000 km journey

On Sunday, William Lee, Nio’s founder, chairman and CEO, completed a 1,044-kilometre (624-mile) live-streaming journey in an ET7 luxury sedan. The 150 kWh semi-solid battery still has 3% of charge remaining. Nio first revealed the semi-solid-state battery on Nio Day 2020 on January 9, 2021.

It’s the longest range of any mass-produced electric car to date.

It’s unclear how much the battery will cost, but Nio’s battery swap service opens up new options. Nio owners can rent the long-range battery for private trips.

In the live broadcast, Li confirmed that she will unveil the new ET9 ultra-luxury sedan on Nio Day 2023 on December 23.

The market is hot. 6 Megacaps in buy range

New Stock

Nio stock rose 4.6% to 8.35 on Monday, down from morning highs of 8.64. Shares jumped 8.1% last week, reclaiming the 50-day line. Nio stock has fallen from its 52-week high of 16.18 in August and its all-time high of 66.99 in January 2021.

See also  Crypto Analyst Says Bitcoin Bullish Accumulation Is Nearing An End, Reveals April Forecast For BTC

Nio is losing money, something that’s not expected to change anytime soon.

separately, XPeng (XPEV) announced a limited-time discount of $1,400 on the G6 crossover. It’s the latest round in China’s intensifying electric vehicle price war. The leading electric vehicle accounted for 43% of XPeng’s deliveries in November.

XPEV stock fell 1% on Monday. Shares are down nearly 13% this month as of December 15.

Please follow Ed Carson on X/Twitter at @IBD_ECarsonTopics in @edcarson1971 And Bluesky V @edcarson.bsky.social For stock market updates and more.

You may also like:

Best growth stocks to buy and watch

IBD Digital: Unlock IBD’s featured stock listings, tools and analysis today

Four AI stocks are fighting back; Why they deserve a closer look

Illumina sells cup after US antitrust ruling