Following in the footsteps of domestic peer Nio Inc – ADR NIO, another Chinese electric vehicle maker is planning to test the IPO waters in the U.S.
Nio, which went public in September 2018, rallied to a record high last week.
Li Auto Nasdaq-Bound: Li Auto has filed a preliminary prospectus with the SEC for listing its ADSs on the Nasdaq under the ticker symbol "LI."
Li Auto said it expects to use the net proceeds for R&D; capital expenditure, including further development of manufacturing facilities; and general corporate purposes.
Goldman Sachs, UBS, Morgan Stanley and CICC are lead underwriters for the offering.
Li Auto's Business, Financials: The company designs and develops smart electric SUVs and has the distinction of being the first company to successfully commercialize extended-range electric vehicles in China.
The company was established under the name CHJ Automotive in 2015.
Based in the Chaoyang District of Beijing, Li Auto started volume production of its first model, the Li One, in November 2019. It has delivered over 10,400 Li Ones as of June 30.
The company's SUVs are priced between 150,000 and 500,000 yuan ($21,000 and $70,000).
For the first quarter, the company reported revenue of $120.28 million and a net loss of $10.89 million.
Related Links:
Tesla Vs. Nio Vs. Xpeng: A Look At The Chinese Electric Vehicle Market
How China Became The World's Largest Electric Vehicle Market
Photo by Jengtingchen via Wikimedia.
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