Hyperdrive
Tencent-Backed Chinese EV Maker Seeks $1.8 Billion U.S. IPO
- Carmaker applied to list ADS in New York under the symbol NIO
- China is the world’s biggest market for electric vehicles
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NIO Inc., the electric-car maker backed by technology giant Tencent Holdings Ltd., filed for a $1.8 billion initial public offering as it gears up to compete against the likes of Tesla Inc.
The company applied to list its American depositary shares on the New York Stock Exchange under the symbol NIO, and the $1.8 billion registration amount is a placeholder to calculate filing fees.