Nio, a Chinese electric automaker backed by Tencent Holdings, on Monday filed for an initial public offering of its American depositary shares.
Nio, which says its Chinese name signifies “blue sky coming”, filed for an IPO of up to $1.8bn, though the price is considered a place holder to calculate fees, according to a filing with the Securities and Exchange Commission.
The filing showed Nio, which was formed in 2014 and only recently began generating sales, nabbed revenue of Rmb45.99m or $6.95m in the six months ended in June. It began making deliveries of the ES8, its first manufactured vehicle at volume targeting the SUV segment, in June. Nio also posted a loss of $502.6m in the same period, compared with a loss of $758.8m in 2017.
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