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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

Off the Rails

Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.

Kids’ screen time up 50% during pandemic

Illustration: Sarah Grillo/Axios

When the coronavirus lockdowns started in March, kidstech firm SuperAwesome found that screen time was up 50%. Nearly a year later, that percentage hasn't budged, according to new figures from the firm.

Why it matters: For most parents, pre-pandemic expectations around screen time are no longer realistic. The concern now has shifted from the number of hours in front of screens to the quality of screen time.