Chinese electric vehicle manufacturer XPeng, whose investors come with Internet heavyweight Alibaba Group and Beijing smartphone supplier Xiaomi, submitted a request to open in the United States on Friday.
The measure comes after Li Auto’s listing on the Nasdaq on June 30, which grossed $1.1 billion and whose shares soared. They closed with a drop of 8.7% on Friday to $16.89, but are still well above their IPO value of $11.50.
XPeng is purported to be indexed on the New York Stock Exchange under the symbol XPEV. His history indicates that he will raise $100 million, but the amount may be higher later. Your directory offering also tracks the proceeds of the U.S. inventory market. From Tesla and Nio, another electric vehicle manufacturer founded in China.
XPeng, based in Guangzhou City, southern China, is 31% controlled through CHIEF Executive He Xiaopeng and 14% through Alibaba. Among its well-known investors, XPeng is 6% owned through the IDG-related budget, 4% across the morning-linked budget and 3.8% through GGV’s budget. Smartphone maker Xiaomi has a stake, and in July XPeng raised $900 million from an investor organization that added Aspex, Coatue, Hillhouse Capital, Sequoia Capital China, the Qatar Investment Authority and Mubadala, an Abu Dhabi sovereign wealth fund.
In the first six months of this year, XPeng’s $141 million earnings are close to its $112 million losses. However, XPeng claims to have reached several milestones in 2020, despite the effects of Covid-19, adding the launch of its Smart EV model at the moment, the P7 sports sedan, in April, and obtaining a production license for its self-construction. , absolute property floor. Guangdong Province in May.
XPeng focuses on the world’s leading Chinese automotive market, where passenger vehicle sales totaled 21.1 million games in 2019, according to figures from the IHS Markit report cited in Xpeng’s record. The penetration rate of electric cars into the passenger vehicle market is 4.2%, or around 893700 sets, in 2019, and is expected to grow to 29.4% in line with 2019-2025 to succeed in 4.2 million sets, or 16.2% of Chinese as a whole. passenger vehicle market, according to the IHS Markit report.
Integrated generation purposes are among the peak points for Chinese consumers when making vehicle procurement decisions, the prospect says. This is in line with XPeng’s technological roots and aims to sell self-driving cars. In addition, the Chinese government has announced a plan to achieve a 30% penetration rate for smart and connected cars between overall vehicle sales through 2025, he said.
He, who has a fortune of $1.2 billion on Forbes’ list of real-time billionaires, co-founded the UCWeb browser, which was acquired entirely through Alibaba in 2014, as well as an Alibaba executive. Other co-founders of XPeng, Xia Heng and He Tao, were senior executives of Guangzhou Automobile Group, a major government-controlled automaker.
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@rflannerychina
I’m editor-in-chief and director of Forbes magazine’s Shanghai office. Now, in my year at Forbes, I’m compiling Forbes’ China Rich List. I used to be a
I’m editor-in-chief and director of Forbes magazine’s Shanghai office. Now, in my twentieth year at Forbes, I’m compiling Forbes’ China Rich List. In the past I was a correspondent for Bloomberg News in Taipei and Shanghai and the Asian Wall Street Journal in Taipei. I am originally from Massachusetts, speak Mandarin fluently and graduated from the University of Vermont and the University of Wisconsin at Madison.