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Report: Chinese EV Startup Nio Plans U.S Stock Offering
Nio Ltd., the Shanghai-based electric car startup, has made a confidential filing with the U.S.
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Nio Ltd., the Shanghai-based electric car startup, has made a confidential filing with the U.S. Securities and Exchange Commission for an initial public offering in the U.S., sources tell Bloomberg News.
The IPO could raise about $2 billion for the company, which is backed by Shenzhen-based Tencent Holdings Ltd., according to the news service. It says the company raised more than $1 billion in a funding round led by Tencent last November
Bloomberg’s sources say Nio aims to begin taking investor orders this summer or early autumn.
Nio introduced its first model, the all-electric ES8 SUV/crossover, in China last December. Priced at 448,000 yuan ($69,900), the twin-motor vehicle generates a reported 644 hp, can zip from zero to 100 kph in 4.4 seconds and has a 220-mile range on the European driving cycle.
The company also is building a network in China that enables owners to swap their car’s depleted battery with a freshly charged unit in about three minutes.
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