Chinese language electrical automobile maker Xpeng Inc.’s (NYSE: XPEV) CEO He Xiaopeng mentioned he purchased shares in rival startup Nio Restricted (NYSE: NIO) in the course of the latter’s hardest time in 2019, cnEVpost reported Monday.
What Occurred: The report quoted Xiaopeng as saying in an interview with CCTV that he bought Nio inventory in 2019 regardless of the opposition of his pals. The CEO additionally mentioned he invested a complete of $300 million in Xpeng at the moment. cnEV submit is a China-focused EV web site.
Xiaopeng reportedly mentioned he backed Nio as a result of the failure of firms like Xpeng and Nio would create an enormous drawback for the group of electrical automobile firms in China.
Shares of Nio had fallen to as little as $1.19 in 2019, the worst yr for the corporate, however rebounded in 2020 and rose to as excessive as about $67. Xiaopeng