NIO - ADR - Tencent-Backed EV Maker Seeks Valuation Above $8 Billion in IPO


Chinese electric-vehicle maker NIO Inc. launched a U.S. stock sale that could raise up to $1.32 billion, moving to tap the public markets before generating any substantial revenue.

The Shanghai-headquartered company, which has billed itself as an emerging rival to Tesla, is planning to list on the New York Stock Exchange in about two weeks.

NIO launched an initial public offering of 160 million American depositary receipts at a price range of $6.25 to $8.25. That values the car maker at up to $8.5 billion ahead of its trading debut.

At the top of the price range, NIO would raise gross proceeds of $1.32 billion. The company could raise as much as $1.52 billion in total if an option to sell 15% more stock is exercised after the shares begin trading.

Still, the offering size is smaller than what NIO was aiming for earlier this year, when the company was hoping to raise at least $2 billion in its IPO, according to an earlier report by The Wall Street Journal.

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BEIJING—An ambitious group of Chinese car developers with a foothold in Silicon Valley are vying to become the next Tesla Inc.

Backed by billions from influential investors and armed with global talent, more than a dozen Chinese startups want to make dinosaurs of incumbent auto makers. As they start production, their determination is raising the pressure to innovate at traditional players such as Ford Motor Co. and Volkswagen AG.

“Tesla paved the way, now we’re taking this a step further,” said Padmasree Warrior, who runs the U.S. arm of Shanghai-based NIO, one of the Chinese startups that want to drive the convergence of the automotive and technology industries. “We have a mission to transform mobility.”

Ok, if you can make one of these concepts for oh $40K US, I’ll bite…


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I wonder what battery it uses. GM found batteries from A123 aren’t up to its expectation:

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