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Electric cars in China

Nio plans up to $2bn US share sale to help wage China EV wars

But New York-listed stock sinks 6%, continuing its 2021 decline

Nio faces an investigation in China after a car owner died in a crash while the vehicle's driving assistance system was on.   © Reuters

PALO ALTO, U.S. -- Chinese electric vehicle maker Nio announced a plan to sell up to $2 billion worth of new equity in the U.S. on Wednesday, leading to the sharpest dip in the price of its New York-listed shares since a fatal crash involving the company's self-driving system was reported in August.

Nio plans to sell new American depositary shares through an at-the-market offering, a prospectus filed with the U.S. Securities and Exchange Commission shows. This means the shares will be sold over time at the prevailing price rather than all at once to institutional investors at a prearranged discount.

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