Nio (NIO) denies reports of $3B fundraising effort

Chinese electric vehicle maker, Nio Inc. (NYSE: NIO) released a statement Monday denying reports that the automaker is considering raising $3B in capital from investors.

The report, originally submitted by Bloomberg, cites unnamed sources familiar with the matter and claims the company has reached out to middle eastern investors concerning the fundraising.

“The Company currently has no reportable capital raising activity, other than the recent convertible notes offering that was completed on September 25, 2023.” NIO wrote in a statement.

Shares of NIO plunged almost 7% in pre-market trading on Monday following the initial reports.

Shares of NIO are down 5.06% in early trading Monday morning.

By Michael Elkins | [email protected]

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