Chinese electric-car maker Li Auto soars 50% post-IPO

American depositary shares of Chinese electric-car maker Li Auto Inc. LI, +10.00% skyrocketed nearly 50% to trade above $16 on Thursday after pricing their initial public offering at $11.50 an ADS. Li last week set an IPO range between $8 and $10. the corporate sold 95 million ADS to boost $1.093 billion. Goldman Sachs, Morgan Stanley and UBS are among the underwriters. Li’s IPO comes on the heels of recent IPO successes for electric-vehicle makers like Nikola Corp. NKLA, -6.12% and a continued share rally for Tesla Inc. TSLA, -0.42%. In its prospectus, Li said it had started volume production of its first model, an SUV called Li-One, last year, which it’s delivered quite 10,400 Li-One vehicles as of June 30. Li said it focuses on SUVs costing between $21,000 and $70,000, seeking to supply customers “unparalleled value for money with the performance, functionality, and cabin-space of an outsized premium SUV but pricing on the brink of a compact premium SUV.”

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