Nio

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

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

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.

The firm expects to break its quarterly record for vehicles delivered in the second quarter.

EV maker’s crucial deal in Anhui follows attempts with Beijing and Shanghai.

Nio’s new model has a starting price of USD 66,165 and promises a range of up to 580 kilometers.

As the COVID-19 outbreak adds heavy pressure to the market, Chinese authorities have decided to extend the EV subsidies for two additional years.