What happened: Chinese EV startup NIO said it expects to raise as much as $1.32 billion in its upcoming initial public offering in September. The company is planning to sell 160 million shares at $6.25 to $8.25 each, which would bump its valuation to about $6.4 billion to $8.5 billion.
Why it’s important: Founded in 2014, NIO began generating revenue this year, reporting $6.7 million from vehicle sales and $7 million in total revenue.
NIO is among a horde of Chinese EV companies who are seeking capital to fund aggressive research and development efforts as the industry rapidly expands. The central government has been promoting alternative-power vehicles in recent years to reduce pollution and the country’s dependence on imported oil.