Nio Formula E race car, EP9, ES8 and Eve concept car
Electric carmaker Nio became the first Chinese automaker to go public on the New York Stock Exchange on Wednesday.
In August, the Nio [NYSE: NIO] announced that it hoped to raise $1.3 billion in its initial public offering. Trading in its opening day fell short of that at just over $1 billion.
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The company planned to used the funds to develop future electric cars for the U.S. and Chinese markets and to develop self-driving software.
Nio currently sells an electric SUV, the ES8 in China, designed to compete with the Tesla Model X.
The ES8 sells for $65,000 in China, about half what a Tesla Model X costs, and has 220 miles of range and 644 horsepower.
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Nio became one of the most promising Chinese automakers after it introduced the EP9 electric supercar in 2016, then put the ES8 SUV into production.
The company also builds a race car for the Formula E series and has plans for a second electric production car, a luxury sedan based on its Eve concept car.
Nio doesn't sell the ES8 in the U.S., but has an office in San Jose, California to work on self-driving technology and bringing its cars to the U.S.
