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

Dion Rabouin, author of Markets
Sep 24, 2020 - Economy & Business

Energy stock jumps 4,000% after announcing electric vehicle unit

Data: FactSet; Chart: Axios Visuals

Shares of little-known SPI Energy Co. jumped by as much as 4,000% on Wednesday, rising from around $1 to as high as $46.67.

What happened: SPI announced it was launching a unit to design and develop electric vehicles and charging solutions called EdisonFuture — a nod to electric vehicle companies Nikola and Tesla, which are both named after Nikola Tesla, a rival of Thomas Edison.

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.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:15 p.m. ET: 32,381,243 — Total deaths: 985,104 — Total recoveries: 22,285,437Map.
  2. U.S.: Total confirmed cases as of 4:15 p.m ET: 7,015,242 — Total deaths: 203,329 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.

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