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Chinese Tesla rival Nio files to raise $1.8 billion in US IPO

Jon Russell
Chinese Tesla rival Nio files to raise $1.8 billion in US IPO

Tesla may be looking to go private, but Chinese rival Nio is going the other way after it filed to raise $1.8 billion in an IPO on the New York Stock Exchange. Nio was started in 2014, initially as NextCar, by Bin Li, an entrepreneur who founded online automotive services platform Bitauto. Nio opened sales for the ES8 last year but it only began shipping in June.