Tool Create startup animated videos in minutes, not in hours! 

 5 days ago
 Source: feedproxy.google.com

China’s electric SUV maker Li Auto raises $1.1 billion in US IPO – TechCrunch

Quick Summary

Li Auto, a five-year-old Chinese electric vehicle startup, raised $1.1 billion through its debut on Nasdaq on Thursday. Li Auto priced its IPO north of its targeted range at $11.5 per share, giving it a fully diluted market value of $10 billion. Li Auto, for instance, counts China’s food delivery mogul Wang Xing, boss of Meituan Dianping, as its second-largest shareholder after its CEO Li Xiang. The startup is still deep in the red, losing 2.44 billion yuan ($350 million) in 2019, up from a net loss of 1.53 billion yuan in 2018. Li Auto is the first in China to successfully commercialize extended-range electric vehicles, solving the challenges of inadequate charging infrastructure and battery technologies constraints,” Huang asserted.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by StartupAround.

Read Original Article

Popular Topics

Get the best stories from Startup Around on Telegram