(Yicai Global) Dec. 11 -- Nio, a Chinese new energy vehicle startup whose shares have jumped more than 12 times this year, plans to issue new equity for the third time in 2020 to fuel its research and development efforts, including driverless vehicles.

The carmaker will issue 60 million American depositary shares and the underwriters may buy up to 9 million additional units, the Shanghai-headquartered firm said in a stock market filing yesterday, without mentioning pricing details.

The company will use 60 percent of proceeds for R&D of new products, including next-generation driverless technologies. Some 30 percent will go to sales and service network expansion. The remainder is for general corporate purposes.

This month, two other US-listed Chinese NEV makers, Li Auto and Xpeng Motors, have also revealed plans of additional share issuances. Xpeng Motors aims to raise up to USD2.5 billion, more than in its initial public offering. Li Auto expects to garner up to USD1.6 billion.

Besides Nio, Li Auto and Xpeng Motors have been having a wildly successful year on the New York Stock Exchange and the Nasdaq after reporting third-quarter earnings. Shares of Li Auto [NASDAQ:LI] have almost tripled since its initial public offering on July 30 and those of Xpeng Motors [NYSE:XPEV] have risen nearly three times since its August IPO.

Nio's stock price [NYSE:NIO] closed up 2.75 percent at USD45.22 yesterday. But its shares fell 6.35 percent in after-hours trading.

Editor: Emmi Laine