Electric Vehicles

Byton, which promised a vehicle with a 48-inch video screen spanning the whole dashboard, is unlikely to launch its debut model anytime soon.

Investors will inject in total USD 990 million into Nio China in five installments.

The cash-craving EV startup rebounded strongly from the pandemic’s impact, setting a monthly record for electric vehicles sold in May.

The company claimed it has seen a V-shape recovery after the lockdown.

China and India markets stalled by government policy U-turns.

The company plans to install at least 4,000 more chargers in China by the end of 2020.

Strong US and Asian investors’ demand for its first new share sale since listing in New York comes even as Nio says it will not pay dividends any time soon.

Existing investor Tencent will secure 2.8% of Nio’s ADS for about USD 10 million.