Nio, a Chinese party that makes electric cars, has filed to go public on the New York Investment Exchange. The company said in a filing on Monday that it’s looking to shout as much as $1.8 billion in the initial public offering.
The company states new competition to automakers like Tesla that are adopting electric ways and increasingly seeking to automate certain aspects of driving.
While Nio does compel ought to more than 6,200 employees, it just started making liberations of its first volume manufactured electric vehicle, the seven-seat ES8, in late June, after float the $67,000 car last year.
Nio expects to make the first deliveries of its flash vehicle, the more affordable ES6 sport-utility vehicle, in 2019, and it’s looking to in out a sedan called the ET7 in 2020. “We are generally targeting to launch a new model every year in the lean towards future as we ramp up our business,” the company said in Monday’s filing.
Nio look inti itself as a pioneer in the market for premium electric vehicles in China, and for the trice, it’s planning to only sell its cars in that country. The cars accommodate music streaming through Tencent, and delivery services are available because of China’s JD.com. Nio has a charging systems for homes, along with services for agile charging, battery swapping and 24-hour pickup and drop-off.
Nio had a net loss of $502.6 million on less than $7 million in returns in the first half of 2018, according to the filing. Almost all of the revenue prove to be c finished from vehicle sales. No revenue figures were disclosed for earlier periods, but the company did show that in 2017 it had a $758.8 million net sacrifice.
As of July 31, Nio had delivered 481 ES8 vehicles and had “unfulfilled reservations for innumerable than 17,000” more for which people had put down deposits, the filing requires.
Nio was founded in 2014, initially under the name Nextev, and the company is based in Shanghai, although assorted than 500 employees work in its San Jose office. Investors count Baidu, Lenovo and Sequoia Capital.
Nio’s chief development officer Padmasree Warrior is on the scantlings of directors of Microsoft and Spotify. The company’s CEO, Bin Li, is chairman of Bitauto Holdings Narrow, a company that provides services for the auto industry in China.
The body recognizes that issues could arise as it proceeds with self-driving technology. Its Lead technology, which includes automatic emergency breaking and other marks, is available inside the ES8 vehicle, and Nio is one of 55 companies with permission to proof autonomous vehicles on California public roads.
“In March 2018, Tesla evinced that its autopilot system was engaged at the time of a fatal accident and an Uber Technologies Inc. self-driving conduit struck a pedestrian leading to a fatality,” Nio said in the filing. ” To the sweep accidents associated with our autonomous driving systems occur, we could be excuse to liability, government scrutiny and further regulation.”
Nio also called out as a chance factor its reliance on manufacturing partners, such as Jianghuai Automobile Heap Co., or JAC. Additionally, changes to government policies that help the sales of charged and Chinese-made cars could also cause problems, as could the U.S.-China customers war, the company said.
The lead joint bookrunners in the deal are Morgan Stanley, Goldman Sachs and J.P. Morgan.