Nio Inc. NIO, +6.42% said late Monday it will offer $1.3 billion in convertible notes, split into $650 million in notes due 2026 and $650 million due the year after. Net proceeds will go mostly to general corporate purposes and “to further strengthen its cash and balance sheet positions,” the China-based electric-car maker said. Nio’s American depositary receipts ended at a record $62.70 on Monday, up more than 7%. On its “Nio Day” on Saturday, the company unveiled its newest vehicle, an electric luxury sedan, and announced some technology advances. Nio’s ADRs have gained about 1,700% in the past 12 months, compared with gains around 16% for the S&P 500 index. SPX, -0.66%
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