NIO (NYSE: NIO; HKEX: 9866; SGX: NIO) has raised US$1.16 billion (RMB 8.4 billion) through a follow-on share sale, just a week after completing another US$1 billion financing. The company said the funds will support R&D in core EV technologies, new platforms and models, and the expansion of its battery swap and charging network.

The raise comes as NIO’s recent launches gain traction. The Onvo L90, a large SUV under its new sub-brand, has delivered 14,500 units in 45 days, ranking among China’s top three large SUVs for seven weeks. The all-new ES8, a three-row electric SUV positioned against the Tesla Model X and Li Auto L9, will debut at NIO Day in Hangzhou, the company’s annual flagship event. Shares in Hong Kong and New York rose to year-highs following the announcements and an upgrade from UBS to a US$8.50 target price. [STCN, in Chinese]