Electric-Car Maker Sokon Raises $1 Billion in Stock Sale

Carmaker Chongqing Sokon Industry Group Co. Ltd., best known for its auto technology partnership with Huawei, has raised billions of yuan to fund a pivot to electric vehicles (EVs).

The Shanghai-listed company raised 7.13 billion yuan ($1.05 billion) via a private placement involving 17 investors, it said in a Saturday exchange filing (link in Chinese). The 137 million shares on offer— equivalent to a 10% stake — were priced at 51.98 yuan each, representing a nearly 30% discount to the closing price on July 15.