Tesla Inc TSLA rival Zhejiang Leapmotor Technology’s shares opened 14.5% lower at HK$41 ($5.22) apiece on Thursday, as against its initial public offering price of HK$48. The stock later plunged to as low as $HK31.4 in Hong Kong trading.
The company became the fourth EV-maker to list in Hong Kong after XPeng Inc XPEV, NIO Inc NIO and Li Auto LI.
Dull IPO: The Chinese EV-maker had raised $800 million through its initial share sale, reported Reuters. Leapmotor’s IPO witnessed a dull response from retail investors in Hong Kong who did not subscribe to the full amount of shares offered to them, reported Reuters, citing the firm’s filing. Investor caution and risk aversion amidst heightened volatility are believed to have led to the lackluster trading debut.
Also Read: Leapmotor Enters EV Race to Capital Markets With Hong Kong IPO Plan
Future Plans: The EV-maker aims to invest the funds raised from its share sale to develop smart EVs, enhance its production capacity and build its brand. In the first eight months of 2022, the company delivered 76,563 vehicles, registering a year-on-year growth of 222.8%.
The C01: The company on Wednesday launched its smart luxury electric car, C01, with a price range of 193,800 yuan to 286,800 yuan ($26,925 – $39,846), reported Pandaily.
Touted to rival Tesla’s Model 3, the C01 is the first mass production model equipped with CTC (Cell-To-Chassis) battery technology and with a 700km ultra-long range. CTC technology is a cutting-edge technology that integrates battery modules into the vehicle body, leading to higher battery shock resistance and stronger body torsional strength.
Image and article originally from www.benzinga.com. Read the original article here.