China’s Electric Car Maker Nio Files an IPO to Raise $1.8 Billion
A Chinese electric car maker Nio has announced its filing to go public on the New York Stock Exchange. The company through this initial public offering (IPO) is looking to raise $1.8 billion.
With this, Nio has become the first Chinese automaker to seek a listing in the U.S. This news comes at a time when Elon Musk is looking forward to taking Tesla private. The company seems to represent new competition to automaker Tesla.
"We are generally targeting to launch a new model every year in the near future as we ramp up our business," the company stated.
The initial public offering is being led by Morgan Stanley, Goldman Sachs Group Inc., JP Morgan Chase & Co., Bank of America Corp., Deutsche Bank AG, Citigroup Inc., Credit Suisse Group AG and UBS Group AG.
The company applied to l...