Source: Sundry Photography / Shutterstock.com
According to a press release from Nio, the company has created a framework agreement with the municipal government in Hefei, Anhui province. Among the plans is additional funding for their projects, which would come from the government.
It is still unknown how much funding Nio can get from Hefei. Some estimates claim that the company can win as much as 1.4 billion US dollars because of the agreement. It would go a long way to help the company grow its business.
It’s not just funding that comes in this Nine News. The company also notes that it will receive resources from Hefei government resources. This will help the company as it continues to strive for long-term growth.
It is also worth noting that Nio plans to set up its headquarters in China and expand its operations in Heifei. It includes reaching out to the local ecosystem as it continues to pursue its growth plans.
New message Nine looks to mention that there are no hard details about this business yet. This means that note at this time is legally binding. The company states that it will disclose material information or developments when changes occur to comply with applicable laws and listing rules.
NINE’s shares increased by 11.35% as of Tuesday afternoon. It has also increased by 4.3% since the beginning of the year.
At the time of writing, William White had no position in any of the above securities.