BEIJING — Chinese electric powered car or truck (EV) maker Xpeng, backed by Alibaba and Xiaomi, has submitted to record its shares in New York, in search of to journey enthusiasm for EVs even as U.S.-China relations are strained.

The move, declared on Friday, comes as share price ranges of EV makers which include Tesla and Nio have surged in modern months.

Shares in Xpeng rival Li Auto soared far more than 50% adhering to its debut on Nasdaq on July 30, immediately after the Chinese automaker sold shares to traders in its $1.1 billion IPO.

The exuberance contrasts with relations involving Washington and Beijing, which are at their worst in a long time about accusations of spying, a trade war, the coronavirus and Hong Kong.

Ahead of six-yr-previous Xpeng sought authorization to record on the New York Inventory Exchange, it lifted $900 million from buyers in its most up-to-date funding spherical. This followed $400 million in fund-raising in November. The latest traders incorporate Alibaba, Qatar Investment decision Authority and Abu Dhabi’s sovereign wealth fund Mubadala.

Guangzhou-dependent Xpeng, led by chief executive He Xiaopeng, has sold more than 20,000 electric powered automobiles, which includes new P7 sedans and G3. It builds autos in two factories in China.

Resources from the IPO will go toward investigate and development in parts these types of as smart car or truck technologies and profits enlargement, the firm reported in a submitting to U.S. Securities and Trade Fee.

Xpeng intends to checklist its shares under the image “XPEV”.

Lender of America, J.P. Morgan, and Credit rating Suisse are the underwriters for the listing.

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