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Chinese carmaker Li Li rises by 50% after IPO



US custodian shares of Chinese carmaker Li Auto Inc. LI,
+ 10.00%
rose sharply by almost 50% to trade above $ 16 on Thursday after valuing their original public offering at $ 11.50 for ADS. Li set the IPO range between $ 8 and $ 10 last week. The company sold 95 million ADS to raise $ 1.093 billion. Among the underwriters are Goldman Sachs, Morgan Stanley and UBS. Li’s IPO marks the pinnacle of recent IPO successes for electric vehicle manufacturers such as Nikola Corp. NKLA.
-5.38%
and the ongoing rally of Tesla Inc. shares TSLA.
+ 0.34%.
In its prospectus, Li stated that it had started mass production of its first model, an SUV called the Li One, last year and that it had delivered more than 1

0,400 Li One vehicles as of 30 June. Li said it targets SUVs worth between $ 21,000 and $ 70,000, which seeks to offer customers “unbeatable value for money with the performance, functionality and cab space of a large premium SUV, but prices close to a compact premium SUV.”


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