The Chinese electric car maker Li Auto has said that it plans to raise $2 billion from American investors by putting its shares on the market, and the prices of the shares will be determined during their sale, and the Beijing-based company indicated that the money it plans to raise will be spent to develop technologies New cars such as self-driving, and to develop new models of its cars in the future.
Li Auto will sell some of its shares by offering it in the market via investment banks at prevailing market prices, and Li Auto has announced that Goldman Sachs, UBS Securities, Barclays Capital, and the Hong Kong unit of capital firm China International will be its agents for the new stock offering.
Li Auto is one of the Chinese electric car makers that has attracted the attention of American investors over the past several years, in addition to its competitors in the labor market, Nio and Xpeng. Li was established in 2015, Lee Auto specializes in high-end electric sports cars with four-wheel drive engines that have so-called “Range Extenders”, which are diesel internal combustion engines as generators to recharge the vehicle’s batteries while driving. Read more [Chinese Company Nio Halts Production Due to New Mutant] and [Xpeng’s Loss Shrinks During The Fourth Quarter].
Electric vehicle chargers are still relatively rare in some parts of China. Although electric vehicles are sold more in China than in any other country, the range extender engine is a kind of safety for drivers in those regions and for customers in other regions that are not quite ready. To run 100% electric vehicles on its streets.
US-listed Li’s shares fell 3.3% in early trading after announcing its shares had been put up for sale. Read more [Polestar Electric Vehicle Share Listed Via SPAC Deal].