Nio’ ES8 electric SUVs on display at the Shanghai auto show in April, 2019. Photo: Reuters
Loss-making Chinese Tesla rival Nio expands new American depositary shares sale, raises US$428 million on strong demand
- Strong US and Asian investors’ demand for its first new share sale since listing in new York comes even as Nio says it will not pay dividends any time soon
- The loss-making start-up aims to shore up cash reserves via a sale of American depositary receipts as momentum in electric vehicle delivery picked up in May
Topic |
Electric cars
Nio’ ES8 electric SUVs on display at the Shanghai auto show in April, 2019. Photo: Reuters