Singapore GIC

"This matter is not a newly occurring incident, nor is it directed at Nio's recent operational performance," Nio said in a response shared with CnEVPost.

As of press time, Nio had fallen 12.21 percent to HK$47.54 per share, poised for its biggest single-day drop since April 7.

The catalyst for GIC's lawsuit against Nio was a short-selling report released in June 2022, which has since been refuted.