Caixin
Aug 14, 2018 07:37 PM
BUSINESS & TECH

Filing for U.S. IPO, Nio Hopes to Become Tesla of China

A NIO ES8 SUV sits on display in showroom on July 22 in Wuhan, Central China’s Hubei province. Photo: IC
A NIO ES8 SUV sits on display in showroom on July 22 in Wuhan, Central China’s Hubei province. Photo: IC

* Nio plans to use the funds for research and development, upgrading its manufacturing facilities and expanding its sales network

* The electric-car startup aims to spend $600 million on ramping up production of its first model

(Beijing) — While U.S. electric-vehicle pioneer Tesla Inc. is considering going private, a Chinese competitor is ready to face the challenges of being a public company as it prepares to tap the U.S. capital market.

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