Chinese EV maker NIO secures over 10 bln yuan credit lines from banks

Chinese electric-car maker NIO said Friday that it has received credit lines worth 10.4 billion yuan (about 1.49 billion U.S. dollars) from six banks.

NIO shares went up by 8 percent in pre-market trading on the news.

The six banks are all branches of national state-owned commercial banks in east China's Anhui Province, including China Construction Bank Corp., Industrial and Commercial Bank of China Ltd., and Bank of China Ltd. 

NIO signed a cooperation framework agreement with the Hefei city government on February 25. On April 29, NIO said it will invest 4.26 billion yuan in NIO China and own 75.9 percent of the shares in the new company.

Founded in November 2014, NIO completed its initial public offering on the NYSE in September 2018. Its global headquarters is in Shanghai.

(Cover image: A NIO car displayed in Shenzhen, south China's Guangdong Province, June 20, 2020. /VCG)