SHANGHAI—NIO Inc., the embattled electric-vehicle startup once feted as China’s answer to Tesla Inc., has secured a financial lifeline from state investors in return for agreeing to base its operations partly in a provincial city 300 miles west of Shanghai. The 7 billion yuan, or roughly $1 billion, investment by state-owned entities from Hefei, the capital of Anhui province, “is not a state bailout”, said William Li, NIO’s chief executive, announcing the deal on Wednesday.

Source: Wall Street Journal April 29, 2020 12:11 UTC