In late January, NIO raised $650 million by issuing a convertible bond. The Shanghai-based battery-electric-vehicle startup, through a New York Stock Exchange listing, raised $1 billion last September. In total, it has pulled in over $3 billion in funding. The most recent round of fundraising is unlikely to be NIO’s last. Nor is the constant need for funds unique to NIO. To successfully manufacture a vehicle in China takes many ingredients, from an operational license to plants to an ...

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