On November 21, Chinese EV maker NIO announced that it has completed its previously announced at-the-market offering of American depositary shares, each representing one Class A ordinary share of the company. Through the move, the company has sold 53,292,401 ADSs and raised gross proceeds of $2 billion, before deducting commissions paid to the distribution agents of approximately $26 million and certain offering expenses.
The company currently plans to use net proceeds from the offering to further strengthen its balance sheet, as well as for general corporate purposes.
On November 10, NIO released its financial report for the third quarter of 2021, during which time the firm achieved total revenue of 9.81 billion yuan ($1.5 billion), including automobile sales revenue of 8.64 billion yuan and other sales revenue of 1.165 billion yuan. NIO delivered a total of 24,439 vehicles in the third quarter, up 100.2% year-on-year, reaching a quarterly high, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s.