SMM: July 11, ideal Motor formally submitted a prospectus to the Securities and Exchange Commission, planning to be listed on NASDAQ. The document shows that ideal Motor's listing stock symbol is "LI", with a financing target of $100m, and the underwriters of this IPO include well-known institutions such as CICC.
According to the prospectus, ideal Motor founder and CEO Li Xiang is the largest shareholder, with 25.1 per cent of the shares and 70.3 per cent of the voting rights, while Wang Xing and his related parties hold 23.5 per cent of the shares and 9.3 per cent of the voting rights. On July 1 this year, the D round of preferred stock financing was completed ideally, and some of the D round preferred shares were issued and sold at a total price of US $550 million.
According to information provided by ideal Motor, in 2019, the company's total revenue was 284 million yuan ($40.174 million) and pre-tax loss was 2.42 billion yuan ($341 million); in the first quarter of 2020, total revenue was 852 million yuan ($120 million) and pre-tax loss was 91.486 million yuan ($12.921 million).
As of June 30, 2020, ideal has delivered 10473 ideal ONE. Among them, a total of 6604 vehicles were delivered in the second quarter of 2020, and the average selling price was the same as that in the first quarter of 2020. Ideal points out that it has been expanding its sales and service network. As of June 30, 2020, it has more than 700 sales and service personnel, 21 retail stores, 18 delivery centers and 17 service centers across the country.
Ideal says it currently relies on revenue from a single model and will provide a limited number of models in the foreseeable future. In 2022, ideal will launch a full-size advanced electric SUV model with the next generation add-on powertrain. In the future, ideal will expand its product lineup and develop new models, including medium-sized and compact SUV models. "the demand for our models will largely depend on the consumer demand for new energy vehicles, especially the market demand for incremental electric passenger cars."
The ideal goal is to become a leader in China's new energy vehicle market, providing safe, convenient and cost-effective mobile travel solutions through product, technology and business model innovation. In the future, ideal will focus on the SUV market segment; continue to innovate in areas such as electrification, automotive intelligence and self-driving; and further expand the sales network, optimize efficiency, and seek operational and cost improvements.
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