Another Electric-Vehicle Maker Is Coming Public. Here’s What It Could Be Worth.
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Li (ticker: LI) is planning to sell 95 million American depository receipts, or ADRs, to U.S. investors. The ADRs will be priced at $8 to $10 each. The company hopes to raise about $760 million to $950 million dollars from public investors.
Li is a Chinese company and foreign firms can join with U.S. brokers to raise money in U.S. market. Foreign firms list ADRs which, for U.S. investors, are similar to other stocks. One of Li’s ADRs will represent two shares of underlying Li stock.
Li makes electric SUVs. The company says it’s targeting the market for vehicles priced between RMB150,000 to RMB500,000 which works out to about $21,000 to $70,000. A Tesla (TSLA) Model X can cost about $100,000 in both the U.S. and China. Li Auto’s first model is a six-seater which began production in November 2019. So far, Li has delivered about 10,400 SUVs through the end of the second quarter.
Source : barrons
