Nio Inc., the loss-making Chinese electric-car maker, has scored another cash injection from the Middle East after Abu Dhabi-backed fund CYVN Holdings LLC said it will invest $2.2 billion.
Upon completion of the deal, CYVN will own a 20.1% stake in Nio, having subscribed for 294 million newly issued shares, according to a statement from the companies Monday. CYVN will also be entitled to nominate two directors to Nio’s board.
