Article summary — original

Media Coverage on Grizzly Research’s Investigation Into NIO Inc. A collection of media headlines outlines the fallout from Grizzly Research's 2022 short-seller report on Chinese electric vehicle maker NIO, as well as subsequent 2025 legal action by Singapore's GIC regarding alleged revenue inflation. In June 2022, Grizzly Research accused NIO of inflating its revenue, precipitating a US$6.1 billion market drop that NIO stated was 'without merit'. In October 2025, reports emerged that Singapore sovereign wealth fund GIC filed a lawsuit against NIO over allegations of revenue inflation, causing shares to plunge by 9%.

Article summary — zh

媒体关于灰熊研究做空蔚来及相关事件的报道汇总 灰熊研究列出了多家媒体关于其做空蔚来汽车调查以及后续法律与市场反应的报道。 2022年6月，《南华早报》与《财富》等媒体报道了灰熊研究指控蔚来虚增收入，导致其在港新两地市值蒸发61亿美元，蔚来则回应称相关指控毫无根据。 2025年10月，CNBC、路透社、财新及彭博社报道了新加坡主权财富基金GIC指控蔚来虚增收入并提起诉讼，引发蔚来股价再度大跌（CNBC称跌幅达9%）。

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**CNBC**, October 16, 2025: [Nio shares plunge 9% after Singapore’s GIC accuses Chinese EV maker of inflating revenue](https://www.cnbc.com/2025/10/16/nio-shares-fall-after-singapores-gic-accuses-firm-of-inflating-revenue.html) **Reuters**, October 16, 2025: [NIO shares plummet as Chinese EV maker faces lawsuit from Singapore’s GIC](https://www.reuters.com/sustainability/boards-policy-regulation/nio-shares-plummet-chinese-ev-maker-faces-lawsuit-singapores-gic-2025-10-16/) **Caixin Global**, October 16, 2025: [In Depth: Why Singapore Sovereign Fund Sued Chinese EV-Maker Nio](https://www.caixinglobal.com/2025-10-16/in-depth-singapore-sovereign-fund-sues-chinese-ev-maker-nio-102372382.html) **Bloomberg**, October 16, 2025: *Singapore Wealth Fund Accuses EV Maker Nio of Inflating Revenue* **Fortune**, June 30, 2022: [The ‘Tesla of China’ had staged a furious Wall Street comeback. Then came a freak car crash and a damning short-selling report](https://fortune.com/2022/06/30/nio-stock-tesla-of-china-share-price-crash-short-seller-grizzly-research) **South China Morning Post**, June 29, 2022: [Electric cars: Nio’s shares lose US$6.1 billion value in Hong Kong, Singapore rout as short-seller Grizzly Research claims carmaker ‘juices revenue’](https://www.scmp.com/business/markets/article/3183470/electric-cars-nios-shares-plunge-hong-kong-singapore-amid-short) **Bloomberg**, June 29, 2022: *Nio Says Short-Seller Claims of Padded Sales ‘Without Merit’*