Stocks

NIO sold 68 million ADSs, up from the 60 million initially planned, to raise $2.65 billion, the report said. Such offerings are typically priced at a discount to entice investors. 

Tesla shorts lost more than the US airline industry which had experienced the worst year ever.

Chinese EV maker NIO today announced plans to offer 60 million American depositary shares (ADSs), each representing one Class A ordinary share of the company. 

Tesla, XPeng, and Li Auto have all issued or announced plans to issue additional shares, leaving NIO the only major EV maker not having announced such plans as of Thursday.

XPeng priced its follow-on offering of the ADS at $45 each, representing a 7.6% discount to its last closing price of $48.69.

JP Morgan recommends investors not weight Tesla shares in their portfolio in equal proportion to the S&P because Tesla shares are "by virtually every conventional metric not only overvalued, but ramatically so."

The analysts expect AIoT to be the main driver of the next round of technology dividends, and Xiaomi is likely to become one of the two key players in China's AIoT market.

William Li Bin, the founder of NIO, said the company has no plans to raise additional funding in the short term to support NIO's growth.

Tesla plans to issue additional shares and expects to receive up to $5 billion in capital. Tesla fell from up to down 2.55 percent in pre-market trading hours on the news.

The average analyst price target for NIO is $49.01, with a 14% upside from Friday's closing price, while the average for Tesla is $403.24, a third below the current price.