Chinese EV Firm Nio Raises $1 Billion in Share Sale (3)

Nio Inc. raised about $1 billion through a share sale, as the Chinese electric-vehicle maker takes advantage of a recent stock rally to fund its growth.

The Shanghai-based EV maker sold about 181.8 million new shares at HK$43.36 ($5.57) the company said in a statement. Nio said it will use the proceeds to develop future vehicle platforms and models, expand its battery swapping and charging network, and invest in research and development.

The company’s Hong Kong-listed shares reversed a drop of as much as 4.2% to rise as much as 1.3% on Thursday. Its American depositary receipts in New ...