Chinese language electrical automobile maker Li Auto stated Tuesday that it plans to boost $2 billion from U.S. traders by way of an “at-the-market” inventory providing, by which share costs are decided on the time they’re offered.

The funds will probably be spent to develop new applied sciences, together with for autonomous driving, and for the event of future fashions, the Beijing-based firm stated in a submitting with the Securities and Change Fee.

An organization elevating funds by way of an at-the-market providing will typically promote a delegated quantity of inventory over time by way of funding banks at prevailing market costs. Li Auto stated that Goldman Sachs, UBS Securities, Barclays Capital, and the Hong Kong unit of China Worldwide Capital Company will probably be its brokers for the brand new inventory providing.

Li Auto is certainly one of a number of Chinese language electrical automobile corporations to have drawn consideration from U.S. traders within the final a number of years, together with rivals together with Nio and XPeng. Based in 2015, the corporate makes a speciality of upscale electrical SUVs with so-called “vary extenders”, that are internal-combustion engines that act as turbines to recharge automobiles’ batteries whereas driving.

Whereas extra electrical automobiles are offered in China than in some other nation, there are nonetheless components of China the place EV chargers are comparatively scarce. A spread extender can supply reassurance for patrons in these areas and for drivers elsewhere who aren’t fairly able to go 100% electrical.

Li’s two SUV fashions, the midsize ONE and flagship L9, supply 188 km (about 117 miles) and 180 km (about 112 miles) of electric-only vary, respectively.

Li’s U.S.-listed shares had been down about 3.3% in early buying and selling following the announcement.