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Tesla shareholder buys big stake in Chinese competitor

The second-largest Tesla shareholder has purchased a stake in NYSE-listed Chinese EV manufacturer NIO, corresponding to 11.4 percent of the firm's equity. NIO's share price skyrocketed.

Photo: /Ritzau Scanpix/AP/Richard Drew

NYSE-listed, Chinese-domiciled electric car manufacturer NIO's share price went up by 22 percent Tuesday following an announcement that Tesla's second-largest shareholder, Baillie Gifford, had purchased an equity position at 11.4 percent, reports CNBC as well as several other media.

Chinese EV producers are seeking to raise capital in order to develop autonomous cars and battery technologies, which follows from Beijing's intention of rapidly expanding domestic production in an effort to reduce vehicle emissions, increase energy security and promote advance technology industries. NIO also has plans to expand in Europe and the US.

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