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