Chinese Tesla rival Nio hobbles into its IPO, raising just $1B

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Fast-growing Chinese electric carmaker Nio, a Tesla rival with U.S. headquarters in San Jose, limped into its much-anticipated initial public offering this morning, raising roughly $1 billion and valuing the company at $6.41 billion. At one point, Nio said it hoped to raise as much as $3 billion in its IPO, valuing the company at $20 billion, The Wall Street Journal reports. In an August filing with the U.S. Securities and Exchange Commission, Nio tempered its earlier expectations, saying it planned…

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Chinese Tesla rival Nio hobbles into its IPO, raising just $1B