Tencent-backed electric car maker NIO seeks $1.8b US IPO

Tencent-backed electric car maker NIO seeks $1.8b US IPO

A NIO Eve autonomous concept electric car. Photographer: Qilai Shen/Bloomberg

NIO Inc., the electric-car maker backed by technology giant Tencent Holdings Ltd., filed for a $1.8 billion initial public offering, becoming the first Chinese automaker to seek a listing in the U.S. as it gears up to compete against the likes of Tesla Inc.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter