Chinese electric vehicle manufacturer Li Auto, formerly known as CHJ Automotive, rang the Nasdaq opening bell in celebration of its Initial Public Offering last night, which raised $1.1 billion.

Li rocketed nearly 50 percent to trade above $16 on Thursday after pricing their IPO at $11.50 an American Depositary Share. Li last week set an IPO range of between $8 and $10.

Li said in its IPO prospectus that it would use most of the proceeds raised for capital expenditures and research and development.

The five-year-old carmaker started mass production of its inaugural model, the Li ONE, last year. The six-seat electric SUV sold at a subsidized price of 328,000 yuan ($46,800). By the end of June, it had delivered more than 10,400 units.

Li Auto's revenue has surged as it moves toward profitability. Its first-quarter revenue of $120 million was triple that for all of 2019, according to the company's filings. While it lost $344 million in 2019, its net loss in the first quarter of 2020 shrank to $11 million.

The IPO arrived amid a surge of investor interest in electric vehicle makers. Tesla's shares have risen sharply in the last few months. At the same time, Li Auto's domestic rival Nio, which raised a similar amount in a $1 billion float in New York back in 2018, has seen its stock price rally.