Nio, Tesla's Chinese competitor about to screw it up

Nio, Tesla's Chinese competitor about to screw it up

While Tesla wants to get away from Wall Street, Chinese electric car maker Nio, seen by some as a ribal of Elon Musk, is preparing to go public and list there.

The company stated that it plans to raise up to $ 1.8 billion with the initial public offering and listed the support of Morgan Stanley, Goldman Sachs, JPMorgan, Bofa Merill Lynch, Deutsche Bank, Citi, Credit Suisse and UBS.

Nio launched its first vehicle, the SUV, in December 2017, three years after it was founded in Shanghai. This particular model retails for $ 65,000 in China, which is half the price of the Model X, Tesla's most entry-level SUV.

Apart from this model, the Chinese company has plans to start sales of a more affordable SUV, the ES6, next year and launch its first ET7 sedan in 2020.

“We are aiming to launch a new model every year in the near future as we develop our business,” said Nio founder William Li in a filing with the Securities and Exchange Commission.

Nio owners don't have access to Tesla's large network of charging stations, so the Chinese startup has created a fleet of electric vans that can charge their cars in case owners can't find a charging point for third parties.

With information from:

Video: How Can America and the West Successfully Compete With China? (October 2020).