NIO's subsidiary, Nio China, has secured 3.3 billion yuan (approximately US$471 million) in fresh funding from a government-backed consortium in Hefei, Anhui province. This investment comes as NIO prepares to launch its first all-electric SUV, the L60, under its sub-brand ONVO. The L60 is priced at 206,900 yuan and is expected to compete directly with Tesla's Model Y. NIO plans to invest an additional 10 billion yuan, which will reduce its stake in Nio China from 92.1% to 88.3%. Meanwhile, the Hefei Jianheng New Energy Automobile Investment Fund and other investors will increase their ownership from 7.9% to 11.7%. NIO also aims to subscribe to another 20 billion yuan in shares by 2025. In its latest financial report, NIO announced that its second-quarter net loss narrowed to 5.05 billion yuan, while revenue surged by 76% to 17.4 billion yuan. The company expects to deliver between 61,000 to 63,000 electric vehicles in the third quarter of 2024. The launch of the L60 reflects NIO's strategy to expand its product offerings and strengthen its position in the competitive electric vehicle market. [f4fbcca4][5f2c0199]