BEIJING: Nio Inc, one of China’s high-profile electric car startups, disclosed a fresh money-raising push this week, saying it had issued US$200 million worth of bonds and was accelerating cost-cutting programs to slow cash burn as the company seeks to attract more investors in a slumping market.
The company reported a second-quarter loss of US$478.6 million, 25.2per cent more than its first-quarter loss, after the recall of 4,803 vehicles in June. Nick Wang, Nio Group's head of finance, said the company's gross margins"will still be negative for the rest of the year." But Chief Financial Officer Tung-June Hsieh said Nio has made"significant, positive progress" in its latest fund-raising efforts, without providing details.In May, Nio signed a pact with a government-backed fund for an investment of about US$1.5 billion.
Nio will also encourage more regionally driven promotion, introduce a vehicle subscription program and push sales to corporate users and fleet operators.
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