Chinese electric vehicle startup NIO is working with a collection of major investment banks to plan its $2 billion U.S. IPO later in the year, sources told Reuters. The firm is raising capital to fuel its investment into new technologies such as driverless and battery-run cars.
If the $2 billion figure is reached, this will be the largest listing of a Chinese company since Alibaba went public in 2014 for $25 billion.
The banks involved include Morgan Stanley, Goldman Sachs, and Bank of America Merrill Lynch.
China’s electric-vehicle market has seen steady growth, despite a general fall in demand for automobiles last year. This comes as the Chinese government continues its promotion of high-tech, environmentally friendly industries.