Nio has hired 8 banks for the planned U.S. IPO.

According to sources with knowledge of the matter, Nio, a Chinese electric vehicle startup has hired 8 banks, including Goldman Sachs and Morgan Stanley for its planned U.S. stock market listing this year, worth up to $2 billion.

The eight banks are, JPMorgan, Goldman Sachs, Bank of America Merrill Lynch, Morgan Stanley, Credit Suisse, UBS, Citigroup and Deutsche Bank, said sources, who preferred the cover of anonymity since the details of the deal is not yet public.

When contacted, Nio declined to comment on its initial public offering (IPO) plans.

While UBS declined to comment on Nio’s IPO plans, the other banks did not immediately respond to request for comments.

Shanghai-based Nio, was founded in 2017 by William Li, a Chinese internet entrepreneur; it counts Tencent Holdings Ltd as its main backer along with Sequoia Capital, and Hillhouse Capital Group.