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 has done what Tesla, Apple, Ford Motor and General Motors have been unable to do: create a hit, inexpensive electric vehicle—and fast. Tesla took more than a decade from its founding to reach the 300,

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.