(Yicai Global) Aug. 31 -- Nio will sell 18 percent more new shares in New York than it previously announced on Aug. 28, as it raises its sights to a windfall of USD1.7 billion from its previous goal of USD1.5 billion, the Chinese electric car startup said today.

Nio will offer 88.5 million American Depositary Shares at USD17.00 each with a 30-day option for underwriters Morgan Stanley, China International Capital Corp. and Bofa Securities to sell an additional 13.27 million, the Shanghai-based carmaker said.

The proceeds will mainly go to raise the share capital of and the company's stake in its Nio China unit, buy back the equity of certain minority shareholders, research and develop autonomous driving technologies and grow global markets, it said.

Nio's initial public offering raised USD1 billion in September 2018 and it garnered a further USD428 million in a follow-on sale of shares just two months ago.

The Tesla rival was the first Chinese new energy vehicle maker to list in the US, landing on the New York Stock Exchange. The firm has seen its stock price gain eight-fold so far this year. Compatriot Xpeng Motors soared 41 percent in its Nasdaq debut last week, while Li Auto has climbed about 50 percent since going public at the end of last month.

Editor: Kim Taylor