Beijing E-Town Capital, an economic development agency of the Beijing municipal government, is to invest $1.4bn in Nio, a Chinese electric vehicle maker. The firm will also form a joint venture with the electric vehicle manufacturer. E-Town Capital will support a new manufacturing facility for Nio’s next-generation platform 2.0 (NP2) vehicles, it said, adding the parties are continuing to work towards a final binding definitive agreement on the investment.