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CHINA BRIEF | Nio denies rumors of USD 300 million investment from Geely

The deal was first reported by a Chinese media outlet on February 18.

Brief_Automotive Brief_Automotive

Li Bin, founder and CEO of Nio, denied the rumor that Chinese automaker Geely will invest USD 300 million to the Chinese electric vehicle startup on Tuesday, local media 36Kr reported.

The rumors came as more investors have seen the value of Nio, Li told 36Kr during an interview on Tuesday. He also acknowledged that Nio has encountered many hurdles in its development during the past two years, which the company has overcome.

“We are still in the process of gaining capabilities, as the competition among the smart electric vehicle sector goes global,” Li said.

Local automobile media outlet Yuguan Cheshi reported on February 18 citing anonymous sources that Chinese private automaker Geely is planning to invest USD 300 million in Nio and will become the EV startup’s third-largest stakeholder.

36Kr is KrASIA’s parent company. 

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.