Nio begins trading on the Nyse, with a market capitalization of 6.41 billion dollars

Nio begins trading on the Nyse, with a market capitalization of 6.41 billion dollars

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About NIO

NIO is a Chinese multinational car manufacturer that specializes in the design and development of electric vehicles. the headquarters of NIO company is in Shanghai. The group is also interested in the FIA Formula E Championship, but after selling to Lisheng Racing, NIO has stopped supporting the team. William Li, the Chairman of Bitauto and NextEV, founded NIO in November 2014. The NIO EP9 sports car, the brand’s first model, debuted on the same day the company was established.

In October 2016, NIO declared that the California DMV had granted it an “Autonomous Vehicle Testing Permit,” and that it will begin testing autonomous vehicles on public roads under the “Autonomous Vehicle Tester Scheme” guidelines.

Trading with NYSE

Shares of NYSE NIO at https://www.webull.com/quote/nyse-nio, a Chinese electric car startup, began trading on the New York Stock Exchange under the ticker symbol NIO. A total of 160 million shares were priced at USD 6.26 each, USD 0.01 higher than the lower bound range of the company’s initial public offering, which was disclosed in late August. NYSE NIO was only able to collect 1 billion dollars, but it had hoped for 1.3 billion dollars. Nonetheless, the price gives Nio a total market capitalization of 6.41 billion USD, which is not bad for a business that’s just four years old and has only sold over 1,600 cars as of August. Nio’s instructions, are about ten times the number and growing. The stock dropped below 6 USD on the first day of trading but soon recovered to finish more than 5% higher at 6.60 USD.

Nio was originally known as NextEV, and it was founded by Chinese entrepreneur William Li. It raised $1 billion in its most recent trend of financing from various sources, including Chinese tech and investment powerhouse Tencent. The IPO was designed to keep Li and Tencent’s voting rights concentrated, with each holding 14.5 percent and 12.9 percent of the company, respectively. The EP9 track-only supercar was NYSE NIO first model in a small run of only 16 cars. Nio now only sells cars in China, but the firm plans to spread to Europe and then the United States in the future. It also has a California-based division focused on emerging automotive technologies, including self-driving vehicles. Nio is one of a slew of electric car companies that have cropped up in recent years, all of which are based in China or funded by Chinese interests. Byton, Detroit Electric, Faraday Future, Hybrid Kinetic, Lucid, WM Motor Technology, and Xpeng are among the companies with significant backing. Before investing, you can check more stocks like nasdaq ride at https://www.webull.com/quote/nasdaq-ride.