Chinese Electric Vehicle Maker NIO Files IPO

Retail investors interested in the electric vehicle market can be forgiven for thinking that Tesla (NASDAQ:TSLA) is the only company in the world that produces cars that run on electricity. The 24-7 Elon Musk show tends to drown out news about any other player in the industry. Musk’s latest stunt related to taking the company private is a bit ironic given the recent announcement that Shanghai-based NIO is planning to IPO on the New York Stock Exchange, targeting a raise of $1.8 billion.

About NIO

Founded in 2014 under its former name NextCar Inc., NIO quickly raised $2.1 billion across four rounds, with backers including Chinese tech giants Tencent and Baidu, as well as prestigious U.S. investment firms like Sequoia Capital.

Update 04/29/2020: NIO has raised $1 billion in funding to support its business development and enhance its leadership in smart electric vehicles. This brings the company’s total funding to $5.4 billion to date.