Shanghai (ZXZC)- Chinese EV startup NIO will file the Form S-1 in September as part of the preparation for its IPO in the U.S. stock market, according to people with knowledge of the matter.

The automaker has hired such prominent banks as Credit Suisse AG, Bank of America Merrill Lynch, Citibank as well as Deutsche Bank as underwriters. It is expected that NIO will go public on the NYSE (New York Stock Exchange) as early as the end of this year or the first quarter of 2019 if all goes well. Reportedly, NIO wishes to raise over $2 billion through the IPO, valuing it at up to $37 billion.

The startup declined to comment on this plan, and said “has no idea of what the news source is”. According to the previous reports and other relevant sources, NIO has already raised over RMB15 billion, the biggest value among Chinese vehicle startups.

However, at the opening ceremony of the seventh NIO House, William Li, CEO and founder of NIO, disclosed that the company has by far posted a loss of RMB5.1 billion, therefore the current money raised is not enough to satiate NIO’s development desire.

Up until now, NIO has rolled out three models, namely, the EV roadster EP9 priced at over RMB10 million, the EVE concept car featuring autonomous driving functions and the large-sized premium SUV ES8. Particularly, the ES8, as NIO's first model oriented to the vast public market, has consumed a great deal of R&D resources and capital. Besides, the manufacturing base co-built by NIO and JAC Motors has reportedly involved an investment totaling around RMB3 billion.