Will Tesla finally have some true competition?
Telsa isn't just a car company, it is a subject of conversation as every new car reveal, production delay, and tweet from CEO Elon Musk causes the stock price to change. Musk is tired of it and has made a surprising move to take the company private. Nothing is set in stone, but Saudi Arabia has already been rumored as a potential buyer.
While Tesla attempts to go private, one of its rivals in China - a company called Nio - is attempting to go public. Bloomberg reports that the Chinese automaker has applied to list its shares on the New York Stock Exchange under the symbol NIO with a placeholder value of $1.8 billion.
Nio is one of many Chinese startup companies attempting to develop electric cars, but this company looks like one of the few that will survive in the long term. Nio already produces the ES8 SUV, which boasts an impressive range of up to 311 miles as well as 643 horsepower and 619 lb-ft of torque. Of course, the company has also produced a 1,342 hp supercar called the EP9, which has already broken the Hillclimb record at Goodwood. This initial public offering (IPO) should help Nio produce more consumer-oriented cars in greater numbers.
The IPO is being led by Morgan Stanley, Goldman Sachs, JP Morgan Chase, Bank of America Corp, Deutsche Bank, Citigroup, Credit Suisse Group, and UBS Group. This will be the first move of many before Nio is able to sell cars in the US, but it does show that a Chinese automaker is well on its way to becoming successful.