Caixin
BUSINESS & TECH

Electric Car Startup Nio Looks for Turbocharge With $2 Billion IPO

The Nio EP9, an electric supercar unveiled in 2016, is exhibited in Beijing on Dec. 15. At the end of last year, Nio announced the first model it will mass-produce, the ES8, a sports utility vehicle. Photo: VCG
The Nio EP9, an electric supercar unveiled in 2016, is exhibited in Beijing on Dec. 15. At the end of last year, Nio announced the first model it will mass-produce, the ES8, a sports utility vehicle. Photo: VCG

Nio, a homegrown electric car startup backed by internet giant Tencent, is preparing to raise up to $2 billion through a New York initial public offering (IPO) by year end, a knowledgeable source told Caixin, as it prepares to roll out its first model in the next few months.

The company is hiring 10 investment banks to underwrite the offering, which could become the largest by a Chinese firm among a recent wave of similar companies seeking U.S. listings this year, said the source with direct knowledge of the deal, speaking on condition of anonymity because the matter is not public.

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