https://www.rt.com/business/435928-china-nio-ipo-tesla/
China’s Tesla-killer ready to go public in New York
Published time: 14 Aug, 2018 13:21 Edited time: 14 Aug, 2018 14:21
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© Norihiko Shirouzu / Reuters
The company said in a filing on Monday that it’s looking to raise as much as $1.8 billion in the initial public offering (IPO). Nio is backed by Chinese conglomerate Tencent and another giant tech company, Baidu. The Shanghai-based firm listed Morgan Stanley, Goldman Sachs, JPMorgan, Bofa Merill Lynch, Deutsche Bank, Citi, Credit Suisse and UBS as underwriters.
NIO Eve concept car © Damir Sagolj / Reuters
Nio started selling its first vehicle, the ES8 SUV, in December – three years after the company was founded. The vehicle comes with a price tag of $65,000, or about half the current price of the most basic version of Tesla’s Model X SUV in China.
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Musk says he's working with Goldman Sachs, Saudis & others to take Tesla private
The Chinese company is seeking to launch the more affordable ES6 sport-utility vehicle next year and bring out a sedan called the ET7 in 2020. “We are generally targeting to launch a new model every year in the near future as we ramp up our business,” the company said in Monday’s filing.
Like Tesla, Nio is burning through money. The company had a net loss of $502.6 million on less than $7 million in revenue in the first half of 2018, according to the filing.
Nio’s move to sell shares in the US comes at a time when Tesla CEO Elon Musk has a plan to set up a gigantic factory in Shanghai, China to corner a market where the government is promoting new-energy vehicles with incentives for buyers.
According to Bloomberg estimates, by 2040, more than half of all new car sales and a third of the world’s automobile fleet, which is 559 million vehicles, will be electric.
https://www.engadget.com/2018/08/13/elon-musk-defends-tweets-on-taking-tesla-private/
Elon Musk explains funding plans for taking Tesla private
Saudi Arabia has been pitching him on the idea for two years.
Reuters/Joe Skipper
When Elon Musk said he was seriously looking at taking Tesla private, he still left a few open questions. Why did he decide to not only disclose it with a tweet, but shout "funding secured" from the rooftops? He's now offering an explanation -- not that it'll make everyone happy. In a blog post, Musk claimed that it "wouldn't be right" to limit talks of going private to just the largest investors. The tweets kept everyone in the loop, he said. He also insisted that he was speaking for himself as a "potential bidder" for his company.
He also confirmed rumors of Saudi Arabia's involvement, and suggested they'd played an integral role in the news. The country's Public Investment Fund had brought up going private "multiple times" starting in early 2017, he said, expressing interest in the move as a way to reduce its dependence on oil. The fund's managing director "strongly expressed" a desire to back Tesla going private in a meeting on July 31st, and he reiterated that support after Musk's tweets. As far as Musk was concerned, it was just a matter of when Tesla got the money for going private.
The founder simultaneously tried to calm anxieties over the deal. Tesla would provide full details on going private before it asked anyone to make a decision. He also rejected ideas that it would take over $70 billion to clinch the deal. The $420 price he quoted would only apply to shareholders on the way out, not those sticking with Tesla. Only two thirds of shares would carry over, according to Musk, and it would be paid for through equity rather than debt.
The post could mollify investors worried that Musk had talked about going private purely on a whim. However, it's not likely to satisfy SEC investigators looking into whether or not Musk's tweets were legal. Regulators are concerned that Musk might have broken the rules if he'd tweeted without telling investors to expect news from his Twitter account. If he had, all those advanced talks might not matter.
Source: Tesla
In this article: business, electriccar, electricvehicle, elonmusk, ev, gear, publicinvestmentfund, SaudiArabia, tesla, tomorrow, transportation
China’s Tesla-killer ready to go public in New York
Published time: 14 Aug, 2018 13:21 Edited time: 14 Aug, 2018 14:21
Get short URL
© Norihiko Shirouzu / Reuters
- 552
The company said in a filing on Monday that it’s looking to raise as much as $1.8 billion in the initial public offering (IPO). Nio is backed by Chinese conglomerate Tencent and another giant tech company, Baidu. The Shanghai-based firm listed Morgan Stanley, Goldman Sachs, JPMorgan, Bofa Merill Lynch, Deutsche Bank, Citi, Credit Suisse and UBS as underwriters.
NIO Eve concept car © Damir Sagolj / Reuters
Nio started selling its first vehicle, the ES8 SUV, in December – three years after the company was founded. The vehicle comes with a price tag of $65,000, or about half the current price of the most basic version of Tesla’s Model X SUV in China.
Read more
Musk says he's working with Goldman Sachs, Saudis & others to take Tesla private The Chinese company is seeking to launch the more affordable ES6 sport-utility vehicle next year and bring out a sedan called the ET7 in 2020. “We are generally targeting to launch a new model every year in the near future as we ramp up our business,” the company said in Monday’s filing.
Like Tesla, Nio is burning through money. The company had a net loss of $502.6 million on less than $7 million in revenue in the first half of 2018, according to the filing.
Nio’s move to sell shares in the US comes at a time when Tesla CEO Elon Musk has a plan to set up a gigantic factory in Shanghai, China to corner a market where the government is promoting new-energy vehicles with incentives for buyers.
According to Bloomberg estimates, by 2040, more than half of all new car sales and a third of the world’s automobile fleet, which is 559 million vehicles, will be electric.
https://www.engadget.com/2018/08/13/elon-musk-defends-tweets-on-taking-tesla-private/
Elon Musk explains funding plans for taking Tesla private
Saudi Arabia has been pitching him on the idea for two years.
When Elon Musk said he was seriously looking at taking Tesla private, he still left a few open questions. Why did he decide to not only disclose it with a tweet, but shout "funding secured" from the rooftops? He's now offering an explanation -- not that it'll make everyone happy. In a blog post, Musk claimed that it "wouldn't be right" to limit talks of going private to just the largest investors. The tweets kept everyone in the loop, he said. He also insisted that he was speaking for himself as a "potential bidder" for his company.
He also confirmed rumors of Saudi Arabia's involvement, and suggested they'd played an integral role in the news. The country's Public Investment Fund had brought up going private "multiple times" starting in early 2017, he said, expressing interest in the move as a way to reduce its dependence on oil. The fund's managing director "strongly expressed" a desire to back Tesla going private in a meeting on July 31st, and he reiterated that support after Musk's tweets. As far as Musk was concerned, it was just a matter of when Tesla got the money for going private.
The founder simultaneously tried to calm anxieties over the deal. Tesla would provide full details on going private before it asked anyone to make a decision. He also rejected ideas that it would take over $70 billion to clinch the deal. The $420 price he quoted would only apply to shareholders on the way out, not those sticking with Tesla. Only two thirds of shares would carry over, according to Musk, and it would be paid for through equity rather than debt.
The post could mollify investors worried that Musk had talked about going private purely on a whim. However, it's not likely to satisfy SEC investigators looking into whether or not Musk's tweets were legal. Regulators are concerned that Musk might have broken the rules if he'd tweeted without telling investors to expect news from his Twitter account. If he had, all those advanced talks might not matter.
Source: Tesla
In this article: business, electriccar, electricvehicle, elonmusk, ev, gear, publicinvestmentfund, SaudiArabia, tesla, tomorrow, transportation
