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China’s Nio loses $35,000 per EV sold.
It only sells 8,000 cars a month, per the NYT, but enough for US and EU automakers to be concerned since Nio receives hefty subsidies from the Chinese government to stay afloat. For example:
When Nio nearly ran out of cash in 2020, a local government immediately injected $1 billion for a 24 percent stake, and a state-controlled bank led a group of other lenders to pump in another $1.6 billion.
China’s E.V. Threat: A Carmaker That Loses $35,000 a Car
[The New York Times]
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