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(Reuters) – Cash-strapped Chinese electric vehicle (EV) maker Nio Inc (NIO.N) said on Wednesday there was substantial doubt in its ability to continue as a going concern.
The carmaker has been hurt by dwindling demand in China, the world’s largest car market, and reduced government subsidies for electric vehicles.
Its cash balance of $151.7 million as of Dec. 31 was not adequate to provide the required working capital and liquidity for continuous operation in the next 12 months, the company said in a statement.
Source:www.reuters.com
