The
move, announced on Friday, comes as share prices of EV makers
including Tesla Inc <TSLA.O> and Nio Inc <NIO.N> have surged in
recent months.
Five-year-old Li Auto, formerly known as CHJ Automotive, is
building Li ONE extended-range electric sport-utility vehicles
in China's eastern city of Changzhou.
Unlike rival Tesla and Nio's pure battery electric vehicles, Li
ONE allows drivers to charge their cars with electricity or
gasoline. Li Auto has 21 showrooms in China, the world's biggest
auto market, and aims to operate 60 by the end of this year.
The Beijing-based company, led by chief executive Li Xiang, sold
9,666 vehicles in the first six months this year. China's
overall electric vehicle market, however, fell for the twelfth
straight month in June.
In a filing to U.S. Securities and Exchange Commission, Li Auto
said it intends to list its shares on the Nasdaq under the
symbol "LI" .
Goldman Sachs, Morgan Stanley <MS.N> and UBS are the
underwriters for the IPO.
Reuters reported in January that Li Auto filed for a U.S.
initial public offering, aiming to raise at least $500 million,
citing people familiar with the matter.
(Reporting by Yilei Sun and Brenda Goh; Editing by Raju
Gopalakrishnan)
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