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Ideal Automobile, a new force in car-building in China, has submitted an application to be listed under the stock code Li. Ideal Motor will also become the second new power car company in China to go public in the US stock market, following the listing of NIO Motor in 2018.

According to sources, the listing of ideal Automobile will raise up to 100 million US dollars, and the new funds raised will be used for the research and development of new products and the company's operating funds.

Since its inception, ideal Motor has completed nine rounds of financing, with a cumulative financing amount of US $2.075 billion. The latest round of financing was led by Meituan in July, with a post-investment valuation of $4.05 billion.

According to the prospectus, CEO and founder Li Xiang are the largest natural person shareholders of ideal Motor, holding about 356 million shares, accounting for about 25.1 per cent of the total share capital and having 70.3 per cent of the voting rights. Wang Xing and his related party, Meituan, are the second largest shareholder of ideal Motor, holding 332 million shares, accounting for about 23.5% of the total share capital and 9.3% of the voting rights.

In terms of performance, the ideal automobile business income in 2019 is 281 million yuan, with a net loss of 2.44 billion yuan; in the first quarter of 2020, the operating income is 852 million yuan, the net loss is 77.113 million yuan, and the cash flow is 1.05 billion yuan. By the end of June, ideal cars had delivered a total of 10473 ideal ONE.

Ideal car is a new energy car company founded by Li Xiang in July 2015. the company was previously named "car and Home" and changed its name to ideal car in March 2019. Ideal Automobile obtains the production qualification through the acquisition of Lifan passenger cars, and the self-built factory is located in Changzhou, Jiangsu Province. In December 2019, ideal car's first add-on hybrid, the ideal ONE, began to be delivered.

The ideal ONE uses the plug-in hybrid technology, which is less used in the industry, and is equipped with a 1.2T gasoline booster from Dongan Power to generate electricity, which is output directly to the motor or charge the battery pack without participating in driving the car. The car is also equipped with Ningde era ternary lithium battery pack, fully charged pure electricity can travel up to 180 kilometers. The car is driven by two motors, with a combined maximum output of 326 horsepower, a maximum torque of 530 Nm and an acceleration time of about 6.5 seconds. In terms of price, the car only launched a configuration model, the price is 328000 yuan.

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