Sunday, 18 November, 2018

Chinese EV manufacturer NIO files for US IPO

China’s Tesla-killer ready to go public in New York Norihiko Shirouzu Reuters
Rhonda Young | 17 August, 2018, 04:59

Chinese electric vehicle company NIO (NIO) filed for a confidential IPO on the New York Stock Exchange.

While the size of the initial public offering is subject to amendment, based on this initial filing, Nio's IPO would be the biggest Chinese listing in the USA since the $25 billion public float of e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA) in 2014. Currently, China is the world's largest electric vehicles market.

Nio expects to start deliveries of a second vehicle, the five-seat ES6 SUV, in 2019, and is looking to introduce a sedan, dubbed the ET7, onto the market in 2020. The new vehicle will be officially delivered in the first half of next year. Nio has a charging systems for homes, along with services for mobile charging, battery swapping and 24-hour pickup and drop-off.

Former Indian PM Atal Bihari Vajpayee dies
He was a lifelong poet who revered nature but who oversaw India's growth into a swaggering regional economic power. More than 1,000 Muslims were killed in one of the worst communal riots the country has seen after partition.

NIO incurred a net loss of $502.6 million in the first six months of 2018, its statement said, on $6.95 million in revenues. The company lost $759 million previous year, with Nio generating no revenue and spending nearly $400 million on research and development. Since the start of 2017, the company has spent more than $1.6 billion split between research and development expenses and selling and administrative costs.

Nio's founder and chairman William Li Bin holds a 17.2 per cent stake.

Before filing, the company had received a total of $2.1 billion in investment from Tencent, Baidu, Sequoia Capital, and Joy Capital.

Kyle Lafferty’s transfer from Hearts to Rangers is ‘not inevitable’
It is a big game Thursday and we will have to wait and see what he is like in the next 48 hours before we make a decision on him. Lafferty says he will carry on giving everything for Hearts unless his club and Rangers can negotiate a deal.

The company recognizes that issues could arise as it proceeds with self-driving technology. The billionaire has said he plans to take the money-losing company private at $420 a share, valuing Tesla at $82bn.

Nio also called out as a risk factor its reliance on manufacturing partners, such as Jianghuai Automobile Group Co., or JAC.

People gather at the booth of Chinese electric vehicle startup Nio as it unveils its ES8 SUV at the Shanghai Auto Show, April 19, 2017. It has no plans to sell mass-market cars outside of China, but it does plan to launch one auto per year.

Day after making plea, father arrested in wife, daughters’ disappearance
When asked if he thought his wife just took off, Watts responded: "Right now, I don't want to just throw anything out there". Monday after a concerned friend said she hadn't heard from Shanann. "If somebody has her, just please bring her back".

The lead joint bookrunners in the deal are Morgan Stanley, Goldman Sachs and J.P. Morgan.

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