© Reuters. A man with a face mask walks past television screens outside the Nasdaq Market Site after further cases of coronavirus in New York have been confirmed in Times Square, New York
BEIJING (Reuters) – The Chinese manufacturer of electric vehicles (auto) Li Auto Inc, supported by a grocery supplier Meituan Dianping (HK 🙂 has applied to go public in the United States.
The move announced on Friday is due to the fact that the share prices of EV manufacturers such as Tesla Inc (O 🙂 and Nio Inc (N 🙂 have risen sharply in recent months.
Five-year-old Li Auto, formerly known as CHJ Automotive, is building Li ONE electric sports utility vehicles with an extended range in the east Chinese city of Changzhou.
In contrast to the pure battery electric vehicles from Tesla and Nio, drivers with Li ONE can charge their cars with electricity or petrol. Li Auto has 21 showrooms in China, the largest car market in the world, and plans to operate 60 of them by the end of this year.
The Beijing-based company led by Li Xiang sold 9,666 vehicles in the first six months of this year. China's entire electric vehicle market fell for the twelfth time in a row in June.
In a filing with the Securities and Exchange Commission, Li Auto said it intended to list its shares on Nasdaq under the symbol "LI".
Goldman Sachs (NYSE :), Morgan Stanley (N 🙂 and UBS are the underwriters for the IPO.
Reuters reported in January that Li Auto had applied to go public in the U.S. with the aim of raising at least $ 500 million, citing individuals familiar with the matter.
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