China’s large and competitive electric car market has minted a new billionaire, who is aiming to win over the country’s consumers with vehicles designed to be innovative and affordable.
Li Xiang, founder of Beijing-based EV startup Li Auto, saw shares of his company surge almost 50% following its Thursday debut on the Nasdaq. Li Auto raised $1.1 billion by selling 95 million American Depositary Shares at $11.5 apiece, giving the company a market value of $11 billion. Li has a 21.3% stake that give hims a net worth of $2.9 billion.
Analysts say Li ...
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