As Tesla moves into China, China IPOs a Tesla rival

By Felicity Duncan

One of Tesla CEO Elon Musk's big strategic ideas is to break into the large and rapidly growing electric car market in China. To that end, Tesla has plans to set up a manufacturing facility in Shanghai. However, it looks like Tesla is not going to have everything its own way in the Middle Kingdom.

On Wednesday, Chinese electric car company NIO launched a US IPO that could raise over $1.3 billion. The company plans to list on the New York Stock Exchange in a few weeks. It has yet to generate any meaningful revenues, but the move is a clear sign that China intends to be a contender in the electric vehicle market. Although NIO is in its infancy, it can't be good news for Tesla to learn that there's yet another potential competitor gearing up to nip at its heels.

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