Chinese Tesla rival Xpeng Motors files for New York IPO
Chinese electric car start-up Xpeng Motors has filed for an initial public offering (IPO) on the New York Stock Exchange, according to an official filing.
While the company did not disclose how many Class A ordinary shares it would sell, Xpeng Motors said it would sell 429,846,136 class B ordinary shares, according to the Securities and Exchange Commission (SEC) filing published Friday. It also said it plans to raise a placeholder amount of $100 million, a figure that will likely change.
Each Class A ordinary share will be entitled to one vote while each Class B ordinary share will give the holder 10 votes.
The filing comes after CNBC reported that it raised a further $400 million from Alibaba, one of its biggest shareholders, the Qatar Investment Authority (QIA) and Abu Dhabi sovereign wealth fund Mubadala. QIA and Mubadala both invested $100 million each as part of that round.
Xpeng's push for a New York IPO comes amid escalating tensions between the U.S. and China that have threatened Chinese firms listing on Wall Street.
The IPO will give Xpeng another injection of cash as it faces tough competition in China from a number of players including Li Auto, which recently listed in the U.S., WM Motor and Nio. But the company also competes with Tesla, which has looked to boost its presence in China with a Shanghai factory.
Earlier this year, Tesla began rolling out its Model 3 sedan made in the Shanghai factory to consumers in China.
Xpeng currently ...
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