Nio, the Tesla Inc. (TSLA) competitor from China is all set to go for a public listing on American markets, according to CNBC. The Chinese startup, which is developing premium-level electric cars, seeks to raise $1.8 billion in an initial public offering (IPO) by listing its American depository shares (ADS) for trading on the New York Stock Exchange (NYSE).

The Shanghai-based company, which was previously called Nextev, has around 6,200 employees, including more than 500 who work in an office in San Jose, California. Nio has recently made the first few deliveries of its ES8 electric vehicle (EV). While the company launched the $67,000 seven-seat ES8 sport-utility vehicle last year, it started making deliveries in late June. It has delivered fewer than 500 ES8 vehicles by the end of July. The company continues to develop self-driving technology, and its vehicles come with automatic emergency braking and other advanced safety features. Nio has also secured the necessary permission to test its autonomous cars on California public roads.

Nio cars come with a home-charging system. It also offers services for mobile charging, battery swapping and 24-hour pickup and drop-off. Nio cars come with accessories and services offered by prominent partner companies, including music streaming through Tencent and delivery services from China's (JD).

The second offering from Nio’s stable, the more economical ES6 sport-utility vehicle, a five-seater, is expected to hit the roads in 2019. It will be followed by the launch of a sedan called the ET7 in 2020. A company filing mentions that it is “generally targeting to launch a new model every year in the near future.”

Nio's Financials

Nio reported total revenues of $7 million during the first half of 2018, all attributed to vehicle sales, and the company incurred a net loss of around $503 million during the same period. While revenue figures for earlier periods were not reported in the filing, it included a net loss of $758.8 million incurred during 2017. The company has an order backlog for more than 17,000 ES8s held with customer deposits as of July 31. Being the first draft filing, other IPO details—like share price, IPO dates and number of shares on offer—are not included. Morgan Stanley, Goldman Sachs and J.P. Morgan are appointed as the lead joint underwriters for the issue.

The present group of investors in Nio include Chinese internet giant Baidu Inc. (BIDU), personal computer maker Lenovo, and the American venture capital firm Sequoia Capital. Chinese e-commerce giant Alibaba Group (BABA) has-co led a $2.2 billion yuan ($348 million) investment in another Chinese electric vehicle manufacturer Xiaopeng Motors. (See also: Alibaba Invests in Chinese Electric Carmaker.)

Dubbed Tesla’s Chinese counterpart, the company plans to sell its cars only in the local Chinese market in the near future, though the filing mentions plans to “target a broader market with our future vehicles.”