China electric-vehicle maker Nio, a Tesla’s competitor in China, set terms Tuesday for its initial public offering in the US looking to raise over $1 billion.
It would be the first US IPO for a Chinese automaker.
The company plans to offer 160 million American depositary shares at a price range of $6.25 to $8.25 per share. Shares are expected to begin trading on the New York Stock Exchange the week of Sept. 10, under the ticker NIO.
Shanghai-based Nio is targeting the premium electric-SUV segment. Its first production car is the seven-passenger . . .
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