Beijing (PingWest)- Chinese electric car maker NIO has sold USD1.3 billion worth of convertible notes that be swapped for the company’s American depositary shares, the move came a few days after Nio released its first autonomous driving sedan ET7 on Saturday.

NIO’s convertible notes are divided into two tranches, one due in 2026 and the other a year later.

The first USD650 million notes will matures in fire years, is callable by the issuer for three of those years. The marketing range is Zero to 0.5 per cent yield and a conversion premium of 45 per cent to 50 per cent.

The second one will mature in six years and is callable by the issuer after four. The marketing range is a 0.50 per cent to 1 per cent yield and a conversion premium of 45 per cent to 50 per cent.

The shares of NIO rose 6.42% on Monday to reach an all-time high of USD62.7 a piece on the New York Stock Exchange, driven by the positive market sentiment for the release of its new sedan ET7 on Saturday.

The company’s stock has soared nearly 1000% in the past 2020 amid surging delivery numbers.

The Standard Edition of NIO’s ET7 electric car offers a driving range of 700 kilometers through its 100-kilowatt hour battery pack. The sedan priced at CNY448,000 and offers about 7 percent farther range than Tesla’s Shanghai made Model 3 EV that costs CNY249,00.

NIO claimed that ET7 can go as far as 1,000 km on a single charge using a 150 Kwh battery.

ET7 enabled self driving model and equip with hardware stack including 11 8-megapixel cameras, a dozen ultrasonic sensors, and a Lidar which scans the environment at a range of 500 meters.

Li Bin, founder and CEO of NIO said he is confident about the future of ET7 as the sedan will meet the surging demand of Chinese consumer for luxurious EV cars.

In an interview, Li Bin highlighted that the company will not reduce the price to appeal consumers despite rival Tesla price cuts.

“Tesla aims to become Volkswagen, Ford of electric vehicle industry, but we will adhere to our brand positioning of targeting luxury and premium market. Out pricing strategy is similar to that of Mercedes Benz and BMW, our cars will charge the same price as Benz or BMW’s gasoline car.”