Chinese electric carmaker Nio plans stock sale worth $3.12 billion as it boosts capital to challenge Tesla

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Nio is seeking to bolster its capital by selling additional shares, joining a rush of post-listing offerings by Chinese electric vehicle makers seeking to challenge industry leader Tesla.

The carmakes plans to sell 60 million new American depositary shares (ADSs), with an option to increase it to 69 million if demand from investors is strong, according to its New York Stock Exchange filing late Thursday. It has mandated Morgan Stanley and China International Capital Corp to arrange the sale.Nio will price the share sale after the US market closes on Friday.

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