{"id":11478,"date":"2018-08-14T12:30:50","date_gmt":"2018-08-14T12:30:50","guid":{"rendered":"http:\/\/qatar-news.org\/qatarnewsEn\/?p=11478"},"modified":"2018-08-14T12:30:50","modified_gmt":"2018-08-14T12:30:50","slug":"chinas-tesla-fighter-plans-to-go-public-in-new-york","status":"publish","type":"post","link":"https:\/\/qatar-news.org\/qatarnewsEn\/?p=11478","title":{"rendered":"China’s ‘Tesla-fighter’ plans to go public in New York"},"content":{"rendered":"
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\"Tesla\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

As Elon Musk seeks to take Tesla private<\/a>, a Chinese rival is getting ready to go public in the United States.<\/h2>\n

Electric car startup Nio wants to raise $1.8 billion by listing its shares on the New York Stock Exchange, according to documents it filed<\/a> Monday. <\/p>\n

Nio, founded in 2014, already has some deep-pocketed investors, including Chinese tech companies Tencent<\/span> (TCEHY<\/a><\/span>)<\/span> and Baidu<\/span> (BIDU<\/a><\/span>)<\/span>, and US venture capital firm Sequoia Capital. <\/p>\n

The company has been described by some analysts as a “Tesla-fighter”<\/a> in China, the world’s biggest auto market. <\/p>\n

Nio can certainly compete with Tesla<\/span> (TSLA<\/a><\/span>)<\/span> on price. Its ES8 electric SUV, which was unveiled last year, sells for about $65,000, or about half the current price of the most basic version of Tesla’s Model X<\/a> SUV in China. <\/p>\n

Related: This Chinese startup’s electric SUV is a lot cheaper than Tesla’s<\/a><\/strong> <\/p>\n

Nio boasts that the ES8 also offers customers some Tesla-esque features and perks<\/a>, including an in-car artificial intelligence system and a charging portal that it says will let drivers change their car batteries in just three minutes. <\/p>\n

Tu Le, head of research firm Sino Auto Insights, said Nio was one of a number of electric vehicle makers in China “that could make life much more difficult for Tesla.” But he added that “it’s still too early to tell how they’re doing.” <\/p>\n

Nio only started delivering its SUVs to customers in June and about 17,000 of the vehicles are on order with customers. <\/p>\n

\"nio
NIO boasts that the ES8 also offers NIO some Tesla-esque features and perks.<\/figcaption><\/figure>\n

The firm didn’t provide a time frame for the proposed IPO and said its estimates on how much money it wants to raise could change. It plans to trade under the ticker “NIO.” <\/p>\n

The company’s president, Lihong Qin, told CNN<\/a> in December last year that it wants to “target the middle class in the big cities in China,” predicting that market will double in size in the next few years. <\/p>\n

Related: Tesla’s plan to make cars in China won’t be easy to pull off<\/a><\/strong> <\/p>\n

<\/p>\n

Global ambitions<\/h2>\n

<\/strong> <\/p>\n

Nio also wants to eventually expand sales beyond China, including to the United States. It already has offices around the globe, including in California, London and Munich. <\/p>\n

One reason for listing in New York is that it could make it easier for Nio to position itself as a company with global ambitions, Le said. <\/p>\n

\"nio
A Nio concept car on display during the Beijing Auto Show in April.<\/figcaption><\/figure>\n

China is already the world’s biggest market<\/a> for electric vehicles, but Nio faces a crowded playing field. As well as Tesla, it also faces competition from other local auto companies like BYD<\/span> (BYDDF<\/a><\/span>)<\/span> and Geely<\/span> (GELYF<\/a><\/span>)<\/span>. <\/p>\n

Despite the buzz around the company, its filing Monday revealed that Nio only began generating revenue this year. In the first half of 2018, it recorded just $7 million in sales and made a loss of $503 million. <\/p>\n

By comparison, Tesla already has about $2 billion in annual sales<\/a> in China even though its US-made vehicles face hefty import tariffs. Tesla hopes to eventually build as many as 500,000 cars a year in China by setting up a huge factory in Shanghai.<\/a> <\/p>\n

— Michelle Toh contributed to this report. <\/i> <\/p>\n

CNNMoney (Hong Kong) <\/span> First published August 14, 2018: 6:47 AM ET<\/span> <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

As Elon Musk seeks to take Tesla private, a Chinese rival is getting ready to go public in the United States. Electric car startup Nio wants to raise $1.8 billion by listing its shares on the New York Stock Exchange, according to documents it filed Monday. Nio, founded in 2014, already has some deep-pocketed investors,…<\/p>\n","protected":false},"author":10,"featured_media":11479,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-11478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world_news"],"_links":{"self":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts\/11478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11478"}],"version-history":[{"count":0,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/posts\/11478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=\/wp\/v2\/media\/11479"}],"wp:attachment":[{"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qatar-news.org\/qatarnewsEn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}