China’s NIO Is The Latest Electric Car Manufacturer To Cash In On Investor Interest

Read The Full Article On: Axios

NIO, a Chinese electric car maker, has boosted its capital raising by nearly 20% as investors rush electric vehicle manufacturer stock sales, Bloomberg reports.

Catch up fast: The news arrives just a few days after another Chinese electric vehicle maker, Xpeng, saw a big jump in share price during Thursday’s trading debut on the New York Stock Exchange.

  • “Xpeng said Thursday that it sold more than 99.7 million shares for $15 each in its Wall Street debut, raising about $1.5 billion. It had originally planned to sell 85 million shares priced between $11 and $13,” CNN Business reports.

Why it matters: These are just the latest signs of investor interest in electric vehicle companies and come as several other companies have announced plans to go public via mergers with special purpose acquisition companies in recent weeks.

The big picture: “Concerns over the ability of [electric vehicle] start-ups to control costs and scale up in the face of stiff competition have in recent months been overwhelmed by investors’ desire not to miss out on the next Tesla,” the Financial Times reports.

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