Chinese electric vehicle maker Lixiang Automotive has filed for a U.S. initial p...
HONG KONG/BEIJING - Chinese electric vehicle maker Lixiang Automotive has filed for a U.S. initial public offering, aiming to raise at least $500 million, said two people with direct knowledge of the matter, joining peers seeking to finance growth through stock listings.Lixiang, also known as CHJ Automotive, founded by entrepreneur Li Xiang, confidentially filed in December for the IPO, which will take place as early as the first half of 2020, said the people.
The listing comes amid what bankers and industry insiders describe as increasingly tough financing conditions for loss-making Chinese EV startups, which are competing for sales and fresh capital in a crowded market. Such firms also face cuts to government EV subsidies and need to produce convincing arguments about future profitability.
However, industry officials have warned such volumes were unlikely to be sustained as customers held back on purchases following the subsidies cuts. In November, NEV sales fell for their fifth straight month.That round was led by Meituan Dianping chief executive Wang Xing and valued the automaker at $2.93 billion, according to a statement from Source Code Capital, one of its existing investors.
It started mass production of its range-extended electric Ideal One model in its wholly owned plant in the eastern city of Changzhou in November, according to its official WeChat account.
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