Electric-car companies may be selling more shares than cars at the end of 2020.
Amid an explosion in stock prices of electric-vehicle manufacturers, Chinese EV company Nio Inc.
announced Thursday afternoon that it plans to sell at least 60 million fresh American depositary shares, with an additional 9 million shares available to underwriters. Nio stock dropped more than 4% in after-hours trading following the announcement.
Nio’s move follows similar offerings by three other public EV companies in roughly the past week. Tesla Inc.
announced a $5 billion at-the-market offering Tuesday…