China'sNio aims to raise $1.8 billion in the initial public offering, the company announced in a filing on Monday.
Nio's move to sell shares in the United States comes at a time when Tesla CEO Elon Musk has a plan to set up a huge factory in Shanghai, China to corner a market where the government is promoting new-energy vehicles with incentives for buyers.
Nio could make delivery of its more affordable ES6 sport-utility vehicle in 2019 and it expects to bring out a sedan called the ET7 in 2020. The cars provide music streaming through Tencent, and delivery services are available through China's JD.com. The automaker said that it had delivered 481 ES8 vehicles through July and had "unfulfilled reservations" for more than 17,000 electric vehicles.
Nio had a net loss of $502.6 million on less than $7 million in revenue in the first half of 2018, according to the filing.
Li Bin, founder and CEO of NIO Automobile, said in an open letter in the foreword of the prospectus that 50 million shares, i.e. one-third of the total shares, will be transferred to "user trust fund".
American, Japanese and European auto giants dominate sales of combustion engine vehicles in China, but homegrown firms unencumbered by the billions sunk into refining gasoline engines are in the driver's seat when it comes to electric cars. Since the start of 2017, the company has spent more than $1.6 billion split between research and development expenses and selling and administrative costs. The billionaire has said he plans to take the money-losing company private at US$420 a share, valuing Tesla at US$82 billion. "To the extent accidents associated with our autonomous driving systems occur, we could be subject to liability, government scrutiny and further regulation". Nio has said it plans to sell cars in the US beginning in 2020, but a potential trade war between the USA and China could interfere with those plans.
The lead joint bookrunners in the deal are Morgan Stanley, Goldman Sachs and J.P. Morgan.
She sang the national anthem before Game 1 of the 1993 World Series between the Philadelphia Phillies and the Toronto Blue Jays . Rhythm and blues singer Aretha Franklin performs at the inaugural gala for President Clinton in Washington on January 19, 1993.
The school also implemented in 2013 an accelerated 3-year M.D. program so students could start earning a salary one year earlier. The new policy was announced at a "white coat" ceremony welcoming new medical students.
Ankara imposed stiffer levies on U.S. cars, alcohol, coal and other products - $533 million in new tariffs - in response to U.S. President Donald Trump's imposition of doubled tariffs on Turkish steel and aluminum exported to the United States.
Incumbent Prime Minister Narendra Modi government in 2014 declared Vajpayee's birthday, 25 December, as "Good Governance Day". A team of doctors from various departments including nephrology, gastroenterology and cardiology are taking care of Vajpayee.
In addition to the investment, Salar Kamangar, former YouTube CEO and one of Google's first employees, will join Oscar's board. Alphabet was "thrilled" to invest further to help Oscar in its next phase of growth, a company spokeswoman said.
Among the things that puzzled investigators is that Shanann Watts' purse and medications for the children were found at her house. They had an "emotional conversation" prior to her leaving, but Watts declined to classify it as an argument, he told KMGH .
Public Health Ontario (PHO) has found West Nile virus in 65 batches of mosquitoes collected across the province so far this year. So it is important to ensure that there are no areas or items that can collect or pool standing water in your garden or lawn.
He was even given instructions from the bird's owners to say " I love you " in a bid to encourage her to co-operate. Jessie the macaw parrot managed to escape from her home in Cuckoo Hall Lane, Edmonton in London , United Kingdom.
She applied online to the customer service job at Mantality Health - a Chesterfield company. 2018 and times STILL haven't changed. After receiving the response to her application, the mum-of-three posted it on social media on Monday August 13. "...
Tottenham put off opening of new stadium
We appreciate the support our partner the National Football League has shown since the extent of this issue became evident today. Having stolen the advantage in the first half, the youngsters found themselves down 3-1 just ten minutes into the second period.
LG and Sprint Scramble to Offer 5G Phone
The list of the cities to get 5G connectivity include-Atlanta, Chicago, Dallas, Houston, Los Angeles, Phoenix and Washington DC. No specifics for the model or price of the 5G LG smartphone have been given.
76 people overdose on synthetic marijuana at Connecticut park
Malloy said the state departments of Public Health and Mental Health and Addiction Services were helping New Haven officials. Although there have been no deaths, at least two people suffered life-threatening symptoms, according to authorities.
Brennan says Trump move 'designed to send message'
Brennan called Trump's behavior at a summit with Russian President Vladimir Putin " nothing short of treasonous ". The White House announced Wednesday it will be cutting off Brennan's access to classified information.
Warmer weather here to stay until 2022
Due to climate change , the planet has already gained 1 ° C since the pre-industrial era, which averages + 0.01 ° C per year. As the scientists behind the latest forecast stressed, their research is purely statistical and based on probability.
The best hospitals 2018-19 honor roll
Memorial Sloan Kettering Cancer Center is ranked # 2 in the nation among the top the hospitals specializing in cancer care. Harborview Medical Center was nationally ranked in urology (32) and high performing in pulmonary services and orthopedics.