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Tesla’s China Rival Nio Joins Race for Cash with Share Sale

  • Electric-car makers have been tapping the market in droves
  • Nio’s stock gain tops 1,000% this year amid sector rally
Workers install batteries onto an electric SUV at a Nio production facility in China, on Dec. 4.

Workers install batteries onto an electric SUV at a Nio production facility in China, on Dec. 4.

Photographer: Qilai Shen/Bloomberg
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Chinese electric-car maker Nio Inc. joined the rush for fundraising among new-energy vehicle manufacturers, capitalizing on a 11-fold increase in its share price this year to boost its coffers.

The manufacturer is selling 60 million American depositary shares in a follow-on offering, and has the option to sell another nine million, according to a statement. Based on its latest share price of $45.22, the carmaker could raise as much as $2.7 billion, excluding a greenshoe option. The stock fell 6.3% in premarket trading Friday.