Yet another company raising billions of dollars to advance EV...

Yet another company raising billions of dollars to advance EV product(s) / product development .... Lithium surplus ? Yeah right ... Pfft !

https://www.bloomberg.com/news/arti...ina-ev-maker-nio-seeks-1-3-billion-in-u-s-ipo

Tencent-Backed EV Maker Seeks Valuation Above $8 Billion in IPO

• NIO aims to raise as much as $1.3 billion in U.S. offering
• Founder William Li and Tencent to retain voting power

NIO Inc., the Chinese electric-car maker backed by Tencent Holdings Ltd., is planning a U.S. initial public offering that would give it a valuation topping $8 billion as it gears up to take on the likes of Tesla Inc.

The company is aiming to raise as much as $1.3 billion, offering 160 million American depositary shares at $6.25 to $8.25 each, according to a regulatory filing Tuesday in the U.S. That would give the company a market capitalization of about $6.4 billion to $8.5 billion.

NIO is among Chinese electric-car companies raising money to fund aggressive product development and expansion amid the auto industry’s seismic shift toward alternative-power and autonomous vehicles. China’s government is also pushing to increase the use of battery-powered cars to cut pollution and reduce dependence on imported oil, spawning a clutch of startups in the nation aiming to take on Tesla and legacy carmakers........................