NIO (NIO) said Wednesday that it completed a $1.16 billion offering of 209.1 million shares, consisting of 160.8 million American depositary shares, 21.0 million ordinary shares, and 27.3 million American depositary shares by the underwriters' full exercise of their option.

The depositary shares were sold for $5.57 each, while the ordinary shares were sold for 43.36 Hong Kong dollars ($5.58) each, the company said.

The electric vehicle maker said it plans to use net proceeds from the equity offering to invest in research and development of core technologies, develop future technology platforms and vehicle models, expand its battery swapping and charging network, and for general corporate purposes.