China’s NIO Inc., a pioneer in the premium smart electric vehicle market, is issuing 88,500,000 new American depositary shares, at a price of US$17.00 per share. The company’s shares are traded on the New York Stock Exchange (NYSE).
In a statement, NIO says: ‘The Company plans to use the net proceeds from the ADS Offering mainly to increase the share capital of and the Company’s ownership in NIO China, to repurchase equity interests held by certain minority shareholders of NIO China, and for research and development in autonomous driving technologies, global market development and general corporate purposes’.
Founded in November 2014, NIO designs, jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence.
NIO began deliveries of the ES8, a 7-seater flagship premium electric SUV in China in June 2018, and its variant, the 6-seater ES8, in March 2019. NIO officially launched the ES6, a 5-seater high-performance premium electric SUV, in December 2018 and began the first deliveries of the ES6 in June 2019.
It officially launched the EC6, a 5-seater premium electric coupe SUV, in December 2019 and plans to commence deliveries in 2020.