Nasdaq-listed Chinese electric vehicle maker Li Auto said Tuesday that it plans to raise $2 billion through an “at-the-market” stock offering.

In a filing with the Securities and Exchange Commission, the Beijing-based company said that the funds would be used to develop new technologies, such as those for self-driving cars, and to work on new models.

Goldman Sachs, UBS Securities, Barclays Capital, and the Hong Kong unit of China International Capital Corporation will be Li Auto's agents for the new stock offering, according to the company's announcement.

Li Auto, along with Shanghai-based NIO and Guangzhou-based Xpeng, are seen as the three major players in China's premium EV segment.

Li Auto positions itself as a pioneer in successfully commercializing extended-range electric vehicles in China. The company started volume production in November 2019. Its model lineup includes Li ONE, a six-seat, large premium smart electric SUV, and Li L9, a six-seat, full-size, flagship smart SUV. 

UBS analyst Paul Gong raised the price target on Li Auto (NASDAQ: LI) to $60.00 (from $52.00) while maintaining a Buy rating. Li Auto shares tumbled more than 5% on Tuesday to close at $37.07 apiece.