Photo credit: Nio
Falling short of its aim to raise US$1.8 billion, China’s upstart electric automaker Nio has pocketed US$1 billion from its IPO today in New York.
The firm set its offering at US$6.26, near the bottom of its desired range, before trading started moments ago at US$6 per share on the New York Stock Exchange. It’s valued at just over US$6 billion. (Update on Thursday, September 13: It ended the first day of trading up slightly, at US$6.60.)
Nio’s product manager Li Tianshu rang today’s opening bell.
Nio has its Formula E race car, its limited-edition supercar, one concept car, plus its production SUV on display on the sidewalk outside the exchange.
Photo credit: Nio
Established 2014, Nio started selling its first model in China this summer – the all-electric ES8 SUV. Priced from US$65,000, it’s designed to take on luxury barges from the likes of Porsche, BMW, Audi, and Mercedes – plus Tesla’s Model X.
Here’s how Nio is shaping up so far, according to its earlier filing:
- 6,200 employees, most based in its Shanghai headquarters
- Other offices in California, Oxford, and Munich
- 481 units sold since ES8 launch in June
- 17,000 more reservations for the SUV
- Revenue: US$7 million in first half of 2018
- Net loss: US$503 million in same period
- 2016 net loss: US$759 million
- 2017 net loss: US$503 million
Watch: Who are China’s most realistic Tesla challengers?
Editing by Eileen C. Ang
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