BYD, the Chinese electric vehicle juggernaut headed by billionaire Wang Chuanfu, intends to raise HK$43.5 billion ($5.6 billion) to deal with fierce competition at home and to expand abroad.

Lei Jun set out to build the “Apple of China.” Xiaomi’s car business is now outpacing Tesla and Rivian.

The Chinese electric vehicle-maker plans to use proceeds from the share sale for investments in research and development.

The carmaker will use the proceeds from the share placement for research and development and overseas expansion.

The Chinese automaker plans to raise $5.6 billion via a share placement to enhance investments in cutting-edge technology and strengthen its competitive edge over rival Tesla.