Chinese EV maker Nio to pare debt after raising $1b from convertible bonds

Chinese EV maker Nio to pare debt after raising $1b from convertible bonds

FILE PHOTO: An NIO ET7 car model is presented at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. REUTERS/Annegret Hilse/File Photo

Chinese electric vehicle maker Nio Inc said on Wednesday it had raised $1 billion in a two-tranche convertible bond from which it intends to use the proceeds to pay down debt and strengthen its balance sheet.