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Cash-strapped Chinese electric vehicle maker NIO raised doubts about its survival in the next 12 months while awaiting new funding to shake off difficulties heightened by the ongoing coronavirus pandemic.
“Based on the management’s assessment, as a result of the relevant conditions and events including continuous losses, net cash outflows, negative working capital, negative equity and uncertainties on consummation of the financing projects, there is substantial doubt about the Company’s ability to continue as a going concern,” the company said.
NIO’s cash balance of US$151.7 million as of the . . .
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