A company has made the first public offering of its electric cars, hoping to attract investors and provide an economic boost to the struggling automotive industry.
The company, AECOM, said Wednesday it has raised $2.1 billion, raising the company’s valuation from $8 billion to $10 billion.
The money will go toward building a $1 billion factory that will produce the cars.
AECOOM is building an assembly plant in Nevada, and the factory will be based on an existing factory in the southern United States.
AACOM, which is headquartered in Houston, Texas, has more than 1,500 employees.
It said it had $4.3 billion in cash on hand as of Sept. 30, compared with $5.3 million a year earlier.
The AECOP company is a division of a group of Chinese companies that together control about a third of the world’s electric car sales.
The companies have struggled to get customers to buy electric cars and have been trying to lure the manufacturers of electric cars to sell in the U.S. But the companies’ efforts have been stymied by the country’s tax and regulatory environment.
The tax code does not require companies to collect sales taxes from the cars they sell.
“This is a good opportunity for us to be part of a much larger group of companies who are working together,” said Anshuman Raju, ATCOM’s founder and chief executive.
The new investment in AECom marks the first time that a Chinese company has offered a car.
In 2015, Aecom said it planned to sell about 700,000 electric cars by 2020.
The U.K.-based company said it would invest $1.2 billion to create an assembly line for the vehicles.
The factory, which will build the electric cars that will be sold in the United States, will be built in a new factory in Las Vegas.
ATCOP, which has a market value of $13 billion, is not the only Chinese company to have made a public offering.
China Mobile Holdings Co. (CNMC) in June 2016 raised $4 billion to buy out a former Japanese car maker, Nissan Motor Co., for $4,200 per share.