(Yicai Global) Dec. 8 -- Chinese electric vehicle startup Xpeng Motors will issue new shares to raise up to USD2.3 billion, about USD800 million more than it did in its initial public offering in New York in August.

Xpeng Motors will issue from 40 million to 46 million American depositary shares to meet its technological development and working capital needs, the Guangzhou-based firm said in a bourse filing yesterday.

The company's stock price fell 2.3 percent to USD48.30 yesterday after slumping as much as 6.7 percent in the morning.

After the issuance, the carmaker has attracted over USD4.5 billion in funding this year. It raised around USD1.5 billion via its IPO on the New York Stock Exchange on Aug. 28. Before that, it bagged USD500 million on July 20 and USD400 million in early August.

The share sale involves Class A common stock worth up to USD25.33 per unit, or USD50.66 per ADS. The underwriters will have a 30-day option to purchase up to 6 million more ADSs.

The firm will use 30 percent of the proceeds to develop smart vehicles, involving software, hardware, and data. A similar sum will be spent on sales and marketing to expand the firm's distribution and charging network even abroad. One-fifth will be used for potential investment in core technologies. The remainder will be considered working capital.

Xpeng Motors delivered more than 4,200 vehicles last month, up more than fourfold from a year ago, the company said on Dec. 1. In the first 11 months of this year, deliveries exceeded 21,300 units, up 87 percent.

The increasing volumes did little to buoy the firm's stock price. Its shares plunged nearly 11 percent on Dec. 1. Over the past five trading days, the equity price has slid more than 20 percent, even though still hovering around four times the value of its IPO price of USD11.50 apiece.

After the issuance, co-founder and Chief Executive He Xiaopeng's stake will fall to 25.3 percent from 26.7 percent with 57.6 percent of the voting rights, the filing shows. Alibaba Group Holding will have 12.4 percent of the shares with 14.8 percent of the voting rights.

Editor: Emmi Laine