Source: Tech – South China Morning PostIn early 2020, as the pandemic pushed it to the verge of bankruptcy, China’s highest-profile rival to Tesla was shunned by the venture capital funds and foreign investors that had powered its rise. So Nasdaq-listed Nio turned to China’s newest class of venture capitalists: Communist officials.The municipal government of Hefei, a city in eastern China, pledged 5 billion yuan (US$787 million) to acquire a 17 per cent stake in Nio’s core business. The company moved key executives from Shanghai to…Read More