Neo (NIO) announced a new $2.2 billion investment from Abu Dhabi’s CYVN on Monday, a day after the Chinese electric automaker’s CEO completed a 1,000-kilometer trip on a single charge. Neo shares rose on Monday morning.
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Abu Dhabi government fund CYVN Holdings will expand its holdings Tesla (D.S.L.A) about 20% competitor. CYVN will invest $2.2 billion in cash for the newly issued 294 million shares. In July, CYVN completed a $1.1 billion investment. It made a direct $738.5 million strategic investment in Neo and acquired $350 million worth of stock from Tencent. Holdings (Republic of Che)
CYVN will hold two seats on Neo’s board of directors.
Neo’s 1,000-km drive
On Sunday, Neo’s founder, chairman and CEO William Li completed a livestreamed 1,044 kilometers (624 miles) drive in the ET7 luxury sedan. A 150-kWH semi-solid-state battery still has 3% charge remaining. The Neo 2020 also debuted on January 9 with a semi-solid-state battery on Neo Day 2020.
This is the longest range of any mass-produced electric vehicle to date.
It’s not clear what the battery will cost, but Neo’s battery swapping service opens up new options. Neo owners can rent an ultra-long-range battery for special trips.
On Livestream, Dec. On the 23rd, Li confirmed that Neo Day will launch the new flagship ET9 super-luxury ET9 sedan in 2023.
The market is running hot; 6 megabytes in purchase limit
Neo stock
Neo shares rose 5.7% to 8.44 on Monday, off an early high of 8.64. Shares rose 8.1% last week, retrieving its 50-day line. Neo shares hit a 52-week high of 16.18 in August and fell to a low of 66.99 in January 2021.
Neo is losing money, which isn’t expected to change anytime soon.
Separately, Expeng (XPEV) announced a $1,400 limited-time discount on its G6 crossover. It’s the latest round in an intensifying China EV price war. The flagship EV accounted for 43% of XPeng’s deliveries in November.
XPEV stock rose intraday on Monday. Shares fell nearly 13% this month through December 15.
Follow Ed Carson on X/Twitter @IBD_ECarsonAt threads @edcarson1971 and Bluesky at @edcarson.bsky.social For stock market updates and more.
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