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Nio joins Tesla and other rivals in rush to offer more shares in electric-vehicle companies


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…


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