U.S. Defense Department Lists Nio as Chinese Military Company; Nio Denies Claims

According to Nio's Hong Kong Stock Exchange filing, the U.S. Department of Defense has added the Chinese electric vehicle maker to its list of "Chinese military-linked companies." Nio stated it believes the listing lacks proper justification, asserting the company is neither a Chinese military enterprise nor a contributor to China's military-civil fusion of the defense industrial base. Nio emphasized the listing does not constitute sanctions and will not impact its business or limit trading of its securities. The company said it will actively engage with the U.S. Department of Defense to address the listing and pursue legal action if necessary to protect its interests and those of shareholders.
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