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.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
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.