China electric car champ NIO chases Tesla with $1bn state funding

NEW YORK/PALO ALTO, U.S. — When Chinese electric-car maker NIO sealed a 7 billion yuan ($1 billion) deal with a group of state investors Wednesday, the company wasted no time spreading the word to potential buyers.

Many consumers, while admiring NIO’s vehicle models, have been on the fence about making a purchase, as they feared the Nasdaq-listed auto startup might go out of business, which would make future maintenance and battery charging difficult, if not impossible.

Having secured a new financial lifeline, the company reassured these consumers that its existential crisis is over. “Thank you,” NIO said on Weibo, the

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