Nio Offers $1B in Convertible Bonds, and ADRs Drop

Key Takeaways

  • Nio announced it will offer $1 billion in convertible bonds to come due in 2029 and 2030.
  • The EV maker said the cash would be used to pay down debt, strengthen its balance sheet, and general corporate purchases.
  • Nio’s second quarter loss was more than double what it was in 2022, and sales tumbled.

American depositary receipts (ADRs) of Nio (NIO) sank and were nearly 8% lower as of noon Eastern on Tuesday after the Chinese electric vehicle (EV) maker announced the sale of…

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