14 Sep '18, 2pm

Electric carmaker Nio begins trading on NYSE, aims to sell cars in US

Nio Formula E race car, EP9, ES8 and Eve concept car 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. DON'T MISS: Chinese electric carmaker Nio seeks public funding in US 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: Chine...

Full article: https://www.greencarreports.com/news/1118766_electric-car...

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