Weilai intends to issue 1.3 billion US dollars of convertible bonds

Nio Inc. NIO,
+ 6.42%
The company said on Monday that it will provide $1.3 billion in convertible bonds, divided into $650 million in 2026 notes and $650 million in the second year. The China-based electric car manufacturer said that net income will be used primarily for general corporate purposes and “further strengthen its cash and balance sheet positions.” NIO’s American depositary receipts closed on Monday at a record $62.70, an increase of more than 7%. On Saturday̵

7;s “Nio Day”, the company launched its latest model, an electric luxury sedan, and announced some technological advancements. Nio’s ADR has risen by about 1,700% in the past 12 months, while the S&P 500 has risen by about 16%. SPX,
-0.66%