The shares of Chinese electric car maker Nio have gained over the past week, boosted by news of a cash injection from the Middle East.
Nio’s shares were up 5.3 per cent on the Hong Kong Stock Exchange on Wednesday after gaining about 21 per cent since last Wednesday.
The company’s New York-listed stock closed 5.63 per cent higher at $8.82 on Tuesday.
Earlier on Monday, Nio said it signed an agreement for an investment of $2.2 billion from CYVN Holdings, an investment entity backed by Abu Dhabi.
The deal, which will close this month, is expected to take CYVN's shareholding to 20.1 per cent of Nio's total issued and outstanding shares, and followed an investment of $1 billion in July.
CYVN will subscribe to 294,000,000 newly issued Class A ordinary shares priced at $7.50 each and will also be entitled to nominate two directors to Nio's board, the company said.
“This is great news for the company on an operational basis as it reduces the risk of capital running out substantially,” Jonathan Weber, an analyst at Seeking Alpha, said this week.
“But on the other hand, this causes significant dilution, and management's willingness to sell shares at a rather low price might indicate that Nio is trading ahead of fair value today.”
The deal comes against the backdrop of rising competition, with major car makers, including market leader Tesla, cutting electric vehicle prices to boost sales.
The car industry is also capital intensive, which means start-ups such as Nio end up spending more money than they make from sales in the short term.
Nio’s net loss in the third quarter narrowed to about $644 million, compared with a loss of about $856 million in the second quarter.
However, the company’s revenue more than doubled to $2.69 billion during the same period.
Meanwhile, the Hong Kong-listed shares of China’s EV companies BYD and Xpeng were down 1 per cent and 0.35 per cent, respectively, on Wednesday.
The stock of Hangzhou-based Geely Automobile Holdings was trading 0.51 per cent higher.
Although China has maintained its position as the top global market for EVs, the country’s sales have struggled to recover their momentum due to a weakening economic outlook and price cuts.
China’s sales of battery electric vehicles (BEVs) grew by 11 per cent in the third quarter, which was below the global average, according to Counterpoint.
However, Chinese brands successfully sold more than 130,000 BEVs abroad during the same period, marking a fourfold increase compared with the third quarter of 2022, the research company said.
UAE currency: the story behind the money in your pockets
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FIXTURES
All games 6pm UAE on Sunday:
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
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Killing of Qassem Suleimani
Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5
COMPANY%20PROFILE%20
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More on animal trafficking
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
What is a calorie?
A food calorie, or kilocalorie, is a measure of nutritional energy generated from what is consumed.
One calorie, is the amount of heat needed to raise the temperature of 1 kilogram of water by 1°C.
A kilocalorie represents a 1,000 true calories of energy.
Energy density figures are often quoted as calories per serving, with one gram of fat in food containing nine calories, and a gram of protein or carbohydrate providing about four.
Alcohol contains about seven calories a gram.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
Russia's Muslim Heartlands
Dominic Rubin, Oxford
