Nio IPO raises USD 1bn, but it’s not enough
Sep 12, 2018
The first Chinese EV start-up to attempt public listing on the New York Stock Exchange has failed in its bid to raise USD1.8bn, raising USD1bn. This will likely slow down its expansion plans including the development of its next vehicle, reducing research and development spend and a scheme to offer to swap batteries for its vehicles while on the road. It also raises questions over the 300 or so EV startups in the country most of whom are loss making, and indeed the model for raising finance for projects that have high capital requirements in the early stages and a long wait for future cash flow.
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