Chinese Electric Carmaker Nio Files for USD1.8 Billion New York IPO
Xu Wei
/SOURCE : Yicai
Chinese Electric Carmaker Nio Files for USD1.8 Billion New York IPO

(Yicai Global) Aug. 14 -- Chinese electric vehicle startup Nio has filed to go public on the New York Stock Exchange with plans to raise around USD1.8 billion.

The Shanghai-based firm began delivering its first mass production vehicle, the ES8, in June and had delivered 481 as of the end of July, it said in its initial public offering prospectus published by the Securities and Exchange Commission on Aug. 13. It has reservations and cash deposits for over 17,000 more.

Nio, whose name in Chinese means Blue Sky Coming, earned just CNY46 million (USD7 million) in revenue in the first half, losing a total CNY3.3 billion (USD503 million) after splurging CNY1.5 billion on research and development. That follows a CNY5 billion loss last year, with R&D making up more than half of outgoings.

The company lists Tesla as one of its main competitors, which Chief Executive Elon Musk is looking to take private at USD420 a share. By delisting, he would not be forced to disclose information that can benefit rival companies and could better align with long-term shareholders, but few appear to have faith that he can corral the funds to make such a deal happen.

Founder Li Bin holds 17.2 percent of Nio, with other major stakeholders including Tencent (15.2 percent) and Hillhouse Capital (7.5 percent). Padmasree Warrior, a former Motorola and Cisco executive who Forbes once ranked as one of the world's 100 most powerful women, serves as chief executive of Nio US and holds a 1.4 percent stake.

Editor: James Boynton

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Keywords: US , IPO , NIO , AUTOMOTIVE , Electric Vehicles