Chinese electric vehicle manufacturer Xpeng is looking to cash-in on the growing demand for EVs by entering the U.S. stock market.

Following in the footsteps of Nikola and Fisker, as well as other Chinese automakers Nio and Li Auto, Xpeng that is backed by e-commerce giant Alibaba and Xiaomi Corp made its debut on the New York Stock Exchange (NYSE) on Thursday under the ticker symbol XPEV.

Xpeng was initially planning to roll out 85 million American Depositary Shares (“ADS”) but it bumped its offering to 99,733,334 shares at $15 each, raising $1.5 billion. Upon opening, the company’s shares soared to $23.10 per ADS, a 54 percent increase, per Reuters, closing at $21.22 by the end of the day.

The startup’s Vice Chairman Brian Gu told Bloomberg News that the adoption rate of electric vehicles is rapidly increasing thanks to competition among automakers.

“There’s a big inflection point we see in the capital markets looking at new energy and smart EV phenomenon,” Gu said. “Smart EV is a global product. We have aspirations to be a global company.”

The brand’s car range

Xpeng currently sells two models in the Chinese market. The brand’s first production model was the G3 SUV and it was recently joined by the Xpeng P7, a sedan boasting an intriguing design and promising range. Prices for the G3 and P7 start at approximately $21,000 and $32,000 in China after local incentives. Barrons reports that Xpeng has sold approximately 20,000 vehicles to date.

The car manufacturer also has an advanced driving assistance system that it has developed for its vehicles.

Read Also: China’s Xpeng Raises $500 Million In Latest Funding Round

“Our XPILOT 3.0 is expected to offer the highest level of autonomous driving capabilities in commercially available passenger vehicles today,” the automaker detailed in its IPO filing. “Through our proprietary software, core hardware and data technologies, we are able to develop and deploy innovative products rapidly and efficiently, which gives us an advantage over our competitors in China.”

Seeing a new EV manufacturer being listed publically in the United States is becoming an increasingly frequent occurrence. In addition to Nikola and Fisker, the likes of hydrogen truck maker Hyliion, pickup maker Lordstown Motors, as well as subscription-based EV maker Canoo have all merged with special purpose acquisition companies to go public in recent months.