U.S.-listed Chinese electric vehicle startup Nio has announced a new share sale on the New York Stock Exchange on the back of its business expansion and investors’ strong demand.

Nio is offering 75 million American depositary shares (ADSs) with an over-allotment option allowing the underwriters, including Morgan Stanley, China International Capital Corporation Hong Kong Securities and Bank of America Securities, to purchase up to an additional 11.25 million ADSs within a 30-day period, the company said in a statement Thursday.

The Shanghai-based company has yet to decide on the offering price. If it sets it at $20.44, the closing price for Nio’s shares the day before the statement’s release, Nio will raise funds in the range of $1.5 billion to $1.8 billion.

Nio plans to use the proceeds from the new share sale to boost its stake in Nio China, fund research and development of self-driving technology and accelerate global market development, according to the statement.

The establishment of Nio China is a result of an April agreement, according to which Nio secured a 7 billion yuan investment from entities led by the Hefei government. As part of the deal, Nio would inject its core businesses and assets in China, including vehicle research and development, supply chain, sales and services, into a new company, called Nio China, where it owns a 75.9% stake.

The new share sale is the second such deal in three months. In June, Nio offered 72 million ADSs to raise $428.4 million, which it said would be used to bankroll the research and development of products and technology, build manufacturing facilities and supply chains as well as sales networks.

Contact reporter Ding Yi (yiding@caixin.com)

Related: For Electric-Vehicle Maker Nio, Government Tie-Up Has Its Benefits