Automaker NIO seeks to raise $1.8b in US listing

Chinese electric vehicle start-up NIO on Monday filed for a $1.8 billion IPO of American depositary shares, the biggest US listing by a Chinese automaker.

The firm, backed by Tencent Holdings, applied for a float of up to $1.8 billion, according to its filing with the US Securities and Exchange Commission.

It plans to go public on the New York Stock Exchange under the symbol NIO.

The float comes as NIO, founded by Chinese entrepreneur William Li in 2014, and other Chinese EV makers seek fresh capital to develop new products and finance investments in areas including autonomous driving and battery technologies.

Having begun promoting EVs in 2009, China aims to become a dominant global producer as it bids to curb vehicle emissions, boost energy security and promote high-technology industries.

Start-up electric carmakers such as WM Motor Technology Co and Xpeng Motor have also raised funds totaling billions of dollars from heavyweight investors including Alibaba Group Holdings, Baidu Inc and Tencent.

NIO is also joining several sizable Chinese listings in New York this year, even as Sino-US trade tensions rattle global stock markets.

At $1.8 billion, NIO’s IPO would also surpass the $1.63 billion float by online group discounter Pinduoduo Inc to become the second-biggest US listing by a Chinese company this year.