On December 10th, Eastern Time, NIO (NIO.US) announced on its official website that it plans to issue an additional 60 million ADS, and the net proceeds from the issuance will be mainly used for the research and development of new products and next-generation autonomous driving technologies, sales and service network expansion, market penetration, and other aspects.
NIO plans to grant the ADS underwriters a 30-day option to purchase up to an additional 9,000,000 ADS. The underwriters for this issuance are Morgan Stanley Ltd. and China International Capital Corporation Hong Kong Securities Ltd. As NIO announced the additional issuance, the top three Chinese new car makers have begun a new round of financing.
On December 9th, XPeng (XPEV) announced an additional issuance of 48 million ADS and plans to raise $2.16 billion, with the funds to be used for research and development of intelligent electric vehicles, software, hardware, and data, sales and marketing, sales and service channels and supercharging network expansion, international market expansion, potential strategic investments in core technologies for intelligent electric vehicles, and general corporate purposes, including operational capital requirements.
On December 2nd, Li Auto (LI) announced plans to issue an additional 47 million ADS, raising $1.602 billion for research and development on next-generation electric vehicle technologies, BEV platforms and future models, as well as autonomous driving technologies and solutions.🔗Information source: NIO, Xpeng, Li Auto
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