Chinese electric vehicle maker Lixiang Automotive has filed for a U.S. initial p...
HONG KONG/BEIJING - Chinese electric vehicle maker Lixiang Automotive has filed for a U.S. initial public offering, aiming to raise at least $500 million, said two people with direct knowledge of the matter, joining peers seeking to finance growth through stock listings.Lixiang, also known as CHJ Automotive, founded by entrepreneur Li Xiang, confidentially filed in December for the IPO, which will take place as early as the first half of 2020, said the people.
The listing comes amid what bankers and industry insiders describe as increasingly tough financing conditions for loss-making Chinese EV startups, which are competing for sales and fresh capital in a crowded market. Such firms also face cuts to government EV subsidies and need to produce convincing arguments about future profitability.
However, industry officials have warned such volumes were unlikely to be sustained as customers held back on purchases following the subsidies cuts. In November, NEV sales fell for their fifth straight month.That round was led by Meituan Dianping chief executive Wang Xing and valued the automaker at $2.93 billion, according to a statement from Source Code Capital, one of its existing investors.
It started mass production of its range-extended electric Ideal One model in its wholly owned plant in the eastern city of Changzhou in November, according to its official WeChat account.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Xiaomi to invest $7 billion in 5G, AI and IoT over next five yearsChinese smartphone maker Xiaomi Corp will invest more than 50 billion yuan ($7.1...
Read more »
U.S. presidential hopeful Joe Biden has best fundraising quarter of his campaignU.S. Democratic presidential contender Joe Biden took in $22.7 million in the la...
Read more »
Iranian General Qasem Suleimani Reportedly Killed in Strike at Baghdad AirportQasem Soleimani was the head of Iran’s Quds Force, a unit of the Revolutionary Guard Corps responsible for clandestine operations abroad and for providing material support to groups like Hezbollah and Hamas
Read more »
Why U.S. dollar bears could be thwarted in 2020It’s one thing both President Donald Trump and potential Democratic challenger Elizabeth Warren agree on, at least in broad strokes: the U.S. dollar is too...
Read more »
TikTok releases 'transparency report' amid scrutiny over Chinese ownershipTikTok released its first 'transparency report,' which included the number of requests for user information it received from governments during the first half of 2019. India led in the number of requests from Jan. 1 to June 30. The US came in second.
Read more »
Happy New Year for Sanders, Trump in fundraising haulsU.S. Democratic presidential candidate Yang raises $16.5 million in fourth quarter for bid
Read more »