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The assembly line of the NIO ES8 electric vehicle at a JAC Motors and NIO plant in China. Photo: VCG/Getty Images

NIO, a Chinese electric car maker, is seeking to raise up to $1.3 billion from a U.S. initial public offering that would give it a valuation as high as $8.5 billion, according to an SEC filing.

Why it matters: NIO, formerly known as NextEV, competes with Tesla — not to mention the scores of electric vehicle companies in China — and is hoping to go public before it has turned a profit. NIO began delivering its first cars earlier this summer and is planning a second model next year.

The deal's terms:

  • The company will list its shares on the New York Stock Exchange under the symbol "NIO."
  • NIO is offering 160 million American depositary shares that it will price between $6.25 and $8.25 each, giving it a market cap between $6.4 billion and $8.5 billion.
  • The company is not profitable yet. It had a net loss of $503 million in the first half of 2018 on $7 million in revenue.
  • After the IPO, NIO founder and CEO Bin Li will own 14.5% of shares and 48.3% of the voting power. Tencent will have 21.5% of the voting power.

Go deeper

New wave of strikes will test worker power

Illustration: Sarah Grillo/Axios

Thousands of John Deere workers hit the picket line this week after the union smacked down a new worker contract from the farm and equipment maker.

Why it matters: There’s a wave of worker angst spreading across the country. They wield new power that’s come with a historic worker shortage.

Bryan Walsh, author of Future
2 hours ago - Technology

The smart city comes of age

Illustration: Aïda Amer/Axios

Better sensors, more intelligent AI, and the coming wave of 5G wireless could finally fulfill the promise of the smart city.

Why it matters: How we organize, run and power our cities will be increasingly important in the years ahead, as urbanization expands and the damaging effects of climate change compound.

Ben Geman, author of Generate
11 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.