Chinese electric carmaker Nio raised roughly $1 billion in its initial public offering Wednesday on the New York Stock Exchange.
In August, Nio [NYSE: NIO] announced that it hoped to raise $1.3 billion in its initial public offering. Wednesday’s launch around $6 per share fell short of that, but trading jumped Thursday and Friday well above its initial price to around $12 per share.
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The company planned to use the funds to develop future electric cars for the U.S. and Chinese markets and to develop self-driving software.
Nio currently sells an electric SUV in China, the ES8, designed to compete with the Tesla Model X.
The ES8 sells for $65,000 in China, about half what a Tesla Model X costs, and has 220 miles of range and 644 horsepower.
CHECK OUT: Chinese electric-car startup Nio gets $1 billion in funding: report
Nio became one of the most promising Chinese automakers after it introduced the EP9 electric supercar in 2016, then put the ES8 SUV into production.
The company also builds a race car for the Formula E series and has plans for a second electric production car, a luxury sedan based on its Eve concept car.
Nio doesn’t sell the ES8 in the U.S., but has an office in San Jose, California to work on self-driving technology and to bring its cars to the U.S.
CORRECTION: An earlier version of this story incorrectly stated that Nio was the first Chinese carmaker to be publicly traded in the U.S.
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