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.
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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.
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.
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