China’s NIO EV maker, backed by Tencent, files for $1.8bn initial public offering
The electric-vehicle maker wants a listing in the US to compete with Tesla as China looks to cut its pollution and dependence on imported oil
Singapore — NIO, the electric-vehicle (EV) maker backed by technology giant Tencent Holdings, of which Naspers owns just more than 30%, filed for a $1.8bn initial public offering (IPO), becoming the first Chinese car maker to seek a listing in the US as it gears up to compete with the likes of Tesla. The company applied to list its American depositary shares on the New York Stock Exchange under the symbol NIO, and the $1.8bn registration amount is a placeholder to calculate filing fees. NIO and other Chinese EV makers are raising money to develop new products and fund an expansion as the world’s biggest vehicle market signals a shift to battery-powered vehicles in a bid to cut pollution and reduce dependence on imported oil. This technology drive has spawned a clutch of startups from China, all wanting to take on legacy vehicle akers and Tesla, whose owner Elon Musk is considering taking the company private. The IPO is being led by Morgan Stanley, Goldman Sachs, JP Morgan Chase, Ban...
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