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China’s Tesla Rival Prices $1 Billion IPO Near Bottom

Ying Tian, Yan Zhang
China’s Tesla Rival Prices $1 Billion IPO Near Bottom

The global excitement about electric cars faced a test in New York on Wednesday. After a bumpy start, NIO Inc. saw a bit of acceleration. The Chinese upstart seeking to take on the likes of Tesla Inc., started trading on the New York Stock Exchange after raising about $1 billion selling American depositary shares at $6.26 apiece.