NIO Ltd. on Dec. 16 completed its offering of 68,000,000 American depositary shares.

Each ADS, which represents 1 Class A ordinary share of the electric-vehicle maker, was priced at $39 apiece.

NIO granted the underwriters in the ADS offering a 30-day option to purchase up to an additional 10,200,000 ADSs after receiving the exercise notice Dec. 16.

The sale of additional ADSs will close on Dec. 17.

The Shanghai-based company intends to use the net proceeds for research and development of new products and autonomous driving technologies, expansion of sales and service network as well as for general corporate purposes.

Morgan Stanley & Co. LLC and China International Capital Corp. Hong Kong Securities Ltd. served as representatives for the underwriters for the ADS Offering.