XPeng Inc., a smart electric vehicle company, has become the latest Chinese car maker to float its shares on the New York Stock Exchange (NYSE). The shares were priced at $15.00 per share and trade under the symbol ‘XPEV’.
The initial public offering (IPO) will raise approximately $1.5 billion. The company is backed by the likes of Alibaba Group and Xiaomi Corporation. According to Reuters, it will use the funds for research and development and to expand sales.
Xpeng launched its second smart EV model, the P7 sports sedan – in April 2020, and secured the production license for its self-built fully-owned factory in Zhaoqing, Guangdong Province in May 2020.
In July it announced the signing of its Series C+ financing of around $500 million with a group of investors including Aspex, Hillhouse Capital and Sequoia Capital China.
It designs, develops, manufactures, and markets smart EVs that appeal to technology-savvy middle-class consumers in China. It’s headquartered in Guangzhou, China with offices in Beijing, Shanghai, Silicon Valley, and San Diego in the U.S.