Chinese electric-car maker Li Auto sets IPO terms

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Chinese electric-car maker Li Auto Inc. said late Friday it expects to sell up to 95 million American depositary shares in a range between $8 and US$10 in its initial public offering. Li Auto filed for the IPO earlier this month. 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 such as Nikola Corp. and of share rallies for Tesla Inc. and Nio Inc. , also a Chinese EV maker. Li said it started volume production of its first model, an SUV called Li One, in November 2019, and that it has delivered more than 10,400 Li One vehicles as of June 30. Li said it focuses on SUVs costing between $21,000 and $70,000, seeking to offer customers “unparalleled value for money with the performance, functionality, and cabin-space of a large premium SUV but pricing close to a compact premium SUV,” it said.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.