A Chinese startup that wants to rival Tesla has gone public in New York. Like other high-profile Chinese companies that have gone public recently, Shanghai-based Nio (NIO) has had to scale back its ambitions for its IPO. "This is the first Chinese company that wants to be the Tesla killer." As well as Tesla, Nio faces competition from Chinese manufacturers including Warren Buffett-backed BYD (BYDDF) and Byton. $500 million lossNio has wealthy backers including Chinese tech companies Tencent (TCEHY) and Baidu (BIDU), but its operations are still small scale.

Source: CNN September 12, 2018 09:43 UTC