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China's Tesla rival NIO Inc. debuts on NYSE, prices $1 bn IPO near bottom

The shares opened in New York trading at $6 and quickly dropped as low as $5.35 before rebounding

Representative Image
Representative Image

The global excitement about electric cars is facing a test in New York today. So far, it’s off to a bumpy start. China’s NIO Inc., which seeks to take on the likes of Tesla Inc., starts trading on the New York stock exchange after raising about $1 billion selling American depositary shares at $6.26 apiece. The electric-car maker, backed by Tencent Holdings Ltd., priced the stock near the low end of its offering amid the tumult in Tesla shares, a global trade war and investor qualms over its manufacturing capabilities and profitability. The shares opened in New ...