NIO to raise $1.8 billion on the New York Stock Exchange

Chinese company NIO seeks to raise $1.8 billion in its initial public offering on the New York Stock Exchange. It is the biggest listing by a Chinese automaker, according to Reuters.

NIO is still in the early stage of the business development, so in the first half of 2018 it noted revenues of just $6.95 million, at net losses of $502.6 million.

Sales of the first series-produced model, the ES8 all-electric SUV, began in June. By the end of the month, NIO delivered 481 copies.

The number of reservations stands at roughly 17,000, out of which 4,989 are orders with non-refundable deposits.

"The float comes as the firm, founded by Chinese entrepreneur William Li in 2014, and other Chinese EV makers seek fresh capital to develop new products and finance investments in areas including autonomous driving and battery technologies."

"NIO mainly plans to use the proceeds to be raised for research and development of products and technology, marketing and developing manufacturing facilities."

Source: Reuters