Its Investment Was Not in Nio, but Nio Capital, Porsche Says
Liao Shumin
DATE:  Mar 23 2020
/ SOURCE:  yicai
Its Investment Was Not in Nio, but Nio Capital, Porsche Says Its Investment Was Not in Nio, but Nio Capital, Porsche Says

(Yicai Global) March 23 -- Porsche announced today its Porsche Ventures unit had invested in Nio Capital, which is a venture capital fund of the Shanghai-based new energy vehicle maker Nio, not in Nio itself, thus refuting corresponding media reports. 

Porsche Venture Capital invests EUR150 million each year in startups, mainly companies in Europe, Israel, the US and China, but the Stuttgart, Germany-based sports carmaker offered no more details of the deal with Nio Capital, media portal China.Com.Cn reported.

Porsche released its 2019 financial report on March 20 and Nio's logo appeared on the company's materials when it displayed a list of projects it had invested in at a news conference, fueling media speculation that the luxury car producer had funded the fledgling Chinese EV firm.

Nio Capital is a fund manager that invests in reshaping the mobility, energy and technology sectors. Nio set up Nio Capital in 2016. The EV maker operates at a huge loss each year.

Editor: Ben Armour

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Keywords:   Porsche,Nio Capital