Chinese electric vehicle manufacturer Nio (NYSE:NIO) saw a more than 5% drop in pre-market trading following reports that the company is contemplating raising an additional $3 billion from investors.

According to unnamed sources familiar with the matter cited by Bloomberg, Nio has approached Middle Eastern investors for potential fundraising, which could take place as early as next year. However, these discussions are still ongoing, subject to change, and there is no certainty that Nio will proceed with the fundraising.

Back in June, Nio successfully raised approximately $738 million by selling shares to CYVN Holdings LLC in Abu Dhabi. More recently, just earlier this month, the company secured $1 billion through the issuance of convertible bonds, which subsequently led to nearly a 20% decline in the value of its shares.