Nio aims to raise $1.8bn in initial public offering

By BizClik Admin

The China-based automobile company, Nio, has announced it will go public on the New York Stock Exchange and is aiming to raise $1.8bn in the initial public offering, CNBC reports.

Following the unveiling of its first volume manufactured electric vehicle last year, the seven-seater ES8, the firm anticipates to start deliveries of its second car, the more cost-efficient ES6, in 2019.

Nio will offer fresh competition to automakers such as Tesla, who are focusing on electric systems to introduce new ways of driving.

On Monday (13 August), the company said in its filing: “We are generally targeting to launch a new model every year in the near future as we ramp up our business.”

See more:

Nio primarily focuses on trading in China and currently has no plans to expand to other countries.

The filing said that the company delivered 481 ES8 vehicles and had unfulfilled reservations for more than 17,000 others which deposits have been put down for.

Established in 2014 and originally operating with the name Nextev, Nio’s headquarters are in Shanghai but have 500 employees based in San Jose in the US.

The firm currently employs over 6,200 people.


Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance