Nio in talks with Hefei govt on 1.4 billion funding, car plants

Chinese electric automaker Nio Inc stated it had signed framework agreements with Hefei’s city government for a fundraising of over billion yuan ($1.42 billion) and new automaking facilities.

Nio is in talks with the capital city of Anhui province, where it is constructing cars with local automaker JAC Motors, to build research centers and car plants.

Nio will reveal details in the next two months, it said.

Founded in 2016, Nio is viewed as one of the major Chinese rivals to Tesla Inc.