Ideal Auto plans to raise 1.602 billion dollars through an additional share offering, which will be used for the development of next-generation electric vehicle technology and autonomous driving.

Today, Ideal Car announced plans to issue 47,000,000 ADS, raising $1.602 billion. If the underwriters exercise the over-allotment option, they will raise $1.8405 billion.

The fundraising will be used for three purposes:

1. Research and development of next-generation electric vehicle technology, including high-voltage platforms, high-rate batteries, and ultra-fast charging technology;
2. Research and development of next-generation BEV platforms and their future models;
3. Research and development of autonomous driving technology and solutions.

This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.