Nio, the Chinese electric car startup, caught the entire auto industry's attention with their recent launch on the New York Stock Exchange.
The company started trading on Wednesday with the ticker symbol NIO. With 160 million shares listed at $6.26 each, we're looking at a market cap of $6.41 billion. These kinds of numbers are very impressive for a company that's delivered less than 2,000 vehicles.
The newfound income from this will be put toward the development of new models, manufacturing, and marketing. The company's first model, the S8 electric crossover SUV, is being produced with Chinese Volkswagen partner Anhui Jianghuai Automobile. With 644 horsepower and a 220-mile range, the vehicle is being offered at a surprisingly affordable $65,000.
Currently, Nio only distributes in China. Though plans to expand into Europe and the United States are currently in progress. They even have a facility in California already, working on developing new automotive technology.
The successful launch of Nio's public trading has caused many to foster doubts for Tesla, the current leader in electric vehicle production. They've grown tremendously over the last few years, and demand for their products exceeds production a solid ten-fold. Now that they have publicly traded funding available, they'll grow even more. But Nio is still young, we'll see how it goes.
Nio's Stock Exchange Launch has Electric Car Companies Concerned
Posted By: LizardRock | 0 Comment(s)
Posted On: Sep 13, 2018 @ 03:33 PM