One of Tesla’s biggest investors took an 11.4% stake in rival Nio

Baillie Gifford & Co., the second-biggest shareholder of Tesla stock, has taken an interest in a Nio, the Chinese electric vehicle automaker that recently became a publicly traded company.
Baillie Gifford now owns an 11.44% stake in Nio, according to a regulatory filing posted Tuesday. The company disclosed that it had purchased 85.3 million shares, which were valued at about $515 million as of the close of trading Monday.
Baillie Gifford is the largest outside shareholder of Tesla stock. CEO Elon Musk, Tesla’s largest shareholder, own about 20% of the company.
The filing pushed shares of Nio closed at $7.39, up from its opening of $6.19 this morning. Shares are up another 7% in after-hours trading and continuing to climb.
Nio shares
Nio raised $1 billion when it debuted on the New York Stock Exchange on Wednesday last month.
Nio wants to become the Tesla of China — and beyond. The company has operations in the U.S., UK and Germany, although it only sells its ES8 vehicle in China. The 7-seater ES8 SUV is priced at 448,000 RMB, or around $65,000. That’s cheaper than Tesla’s vehicles, especially since new, higher import tariffs have driven up the price of its Model X SUV and Model S sedan.
Those tariffs, plus other costs like shipping Tesla vehicles overseas, is pushing the U.S. automaker to accelerate its China factory plans.


from www.tech-life.in
Share:

Related Posts:

No comments:

Post a Comment

Search This Blog

Blog Archive

Powered by Blogger.

Edo raises $12M from Breyer Capital to measure TV ad effectiveness

Edo , an ad analytics startup founded by Daniel Nadler and actor Edward Norton, announced today that it has raised $12 million in Series A f...

Unordered List

  • Lorem ipsum dolor sit amet, consectetuer adipiscing elit.
  • Aliquam tincidunt mauris eu risus.
  • Vestibulum auctor dapibus neque.

Sample Text

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation test link ullamco laboris nisi ut aliquip ex ea commodo consequat.

Pages

Theme Support

Need our help to upload or customize this blogger template? Contact me with details about the theme customization you need.