EV-maker NIO files for $1.8bn share offering in US

The Chinese electric vehicle maker has applied to list its shares on the New York Stock Exchange

By Jonny Bairstow

Chinese electric vehicle (EV) maker NIO has filed for a $1.8 billion (£1.4bn) initial public offering (IPO) in the US.

The company has applied to list its shares on the New York Stock Exchange under the symbol NIO, with the $1.8 billion (£1.4bn) provided as a placeholder as filing fees are calculated.

The move, which will bring the firm into increased competition with Tesla, is being underwritten by major investment banks including Morgan Stanley, Goldman Sachs and Citigroup.

NIO released its first EV at the end of last year – called the ES8, it costs ¥448,000 (£51,000).

The firm’s EP9 electric production car has recently broken the record for the fastest battery-powered ascent of the iconic hill-climb at Goodwood House.

The company’s Founder William Li Bin said he plans to release around a third of his shares to a trust at an “appropriate time in the future” and plans to retain voting rights to the stock, while suggesting NIO users will be able to propose how to maximise the economic benefits of these shares.