Singapore Wealth Fund Accuses EV Maker Nio of Inflating Revenue

Singapore's sovereign wealth fund, GIC, has filed a lawsuit against Chinese electric vehicle (EV) maker Nio Inc. in a US court. The lawsuit accuses Nio of inflating its revenue figures, dealing a significant setback to the struggling automaker as it navigates the highly competitive Chinese automotive market. The lawsuit alleges that Nio misled investors about its financial performance, which had a negative impact on GIC's investments. This legal action comes as Nio faces various challenges, including declining sales, production issues, and intense competition from domestic and international rivals in the rapidly growing Chinese EV market. The lawsuit highlights the increasing scrutiny and skepticism surrounding the financial reporting practices of Chinese companies, particularly in the tech and automotive sectors. As Nio works to regain its footing, this lawsuit from a prominent Singapore sovereign wealth fund adds to the company's woes and could potentially impact investor confidence in the brand.