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Illustration: Sarah Grillo/Axios

NIO, a Chinese electric car maker, has boosted its capital raising by nearly 20% as investors rush electric vehicle manufacturer stock sales, Bloomberg reports.

Catch up fast: The news arrives just a few days after another Chinese electric vehicle maker, Xpeng, saw a big jump in share price during Thursday's trading debut on the New York Stock Exchange.

  • "Xpeng said Thursday that it sold more than 99.7 million shares for $15 each in its Wall Street debut, raising about $1.5 billion. It had originally planned to sell 85 million shares priced between $11 and $13," CNN Business reports.

Why it matters: These are just the latest signs of investor interest in electric vehicle companies and come as several other companies have announced plans to go public via mergers with special purpose acquisition companies in recent weeks.

The big picture: "Concerns over the ability of [electric vehicle] start-ups to control costs and scale up in the face of stiff competition have in recent months been overwhelmed by investors’ desire not to miss out on the next Tesla," the Financial Times reports.

Go deeper: China dominates electric trucking

Go deeper

Ben Geman, author of Generate
Sep 24, 2020 - Energy & Environment

California war over gas-free cars

Illustration: Eniola Odetunde/Axios

The fate of California's aggressive moves to wring carbon emissions out of transportation could depend heavily on the election and the shape of the Supreme Court.

Why it matters: California is the country's largest auto market and transportation is the country's largest source of CO2.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.

Kevin McCarthy's rude awakening

House Minority Leader Kevin McCarthy. Photo: Mark Wilson/Getty Images

Kevin McCarthy is learning you can get torched when you try to make everyone happy, especially after an insurrection.

Why it matters: The House Republican leader had been hoping to use this year to build toward taking the majority in 2022, but his efforts to bridge intra-party divisiveness over the Capitol siege have him taking heat from every direction, eroding his stature both with the public and within his party.