Watch out, Tesla! This Chinese electric carmaker is the hot stock of the moment

A Chinese electric-vehicle maker that debuted on the Nasdaq today is already leaving other stocks in its dust.

Li Auto’s initial public offering has raised an estimated $1.1 billion. The stock opened at $15.50 a share, hit a high of $17.50, and now is staying strong with a $16 showing in midafternoon trading. That’s well above the company’s offering range of $8-$10.

The ticker symbol is LI.

Li Auto makes electric SUVs. Volume production of its first model, the six-seat Li ONE, began in November. As of June 30, more than 10,400 had been delivered, according to documents filed with the U.S. Securities and Exchange Commission on July 10. The price range for the company’s vehicles is $21,000-$70,000. Next up is a full-size electric SUV in 2022.

“Our proprietary range extension system enables customers to enjoy all the benefits of an electric vehicle while freeing them from range anxiety typically associated with battery electric vehicles, or BEVs. We believe that our range extension solution will contribute to wider and earlier adoption of electric vehicles in China,” Li Auto wrote.

The IPO pop echoes investor enthusiasm for electric vehicles more broadly. Shares in Elon Musk’s Tesla have more than tripled since the beginning of the year. Meanwhile, Nikola Motor, a Tesla wannabe that went public last month, now has a market cap of more than $10.6 billion.

Tesla’s market cap tops $279 billion.