Chinese electric carmaker NIO eyes $1.8b IPO in US

BEIJING, Aug 14 (AFP): Chinese electric carmaker NIO has filed for a $1.8 billion initial public offering in the United States as the burgeoning company seeks to compete with US rival Tesla.

NIO is one of dozens of new automakers to crop up in China as policymakers in Beijing push an all-electric future for the world's largest auto market.

American, Japanese and European auto giants dominate sales of combustion engine vehicles in China, but homegrown firms unencumbered by the billions sunk into refining gasoline engines are in the driver's seat when it comes to electric cars.