Chinese EV Maker Xpeng Motors Seeks $500M US IPO: Report

Electric vehicle pioneer Tesla Inc (NASDAQ: TSLA) might be getting more tough competition from the Chinese EV market.

Nio Inc – ADR (NYSE: NIO) hit the U.S. markets back in September of 2018, and now Xpeng Motors is planning a U.S. listing, the South China Morning Post reported.

What Is Xpeng Motors?

Xpeng, founded in 2014, is based out of Guangzhou and is backed by Alibaba Group Holding Ltd – ADR (NYSE: BABA) and Xiaomi, among others. It currently sells two EV models: G3 e-SUV, released in late 2018 and P7 E-Limousine, launched recently.

Incidentally, Tesla has an ongoing litigation pending against Xpeng, alleging the latter has stolen its Autopilot source code.

Xpeng is contemplating a $500 million IPO, media reports suggest. The company hasn't confirmed the speculation yet.

Xpeng Motors eceived $400 million in capital infusion late last year.

Related Links:

Nio's History Of Capital Raises: A Look At The Chinese EV Manufacturer's Debt

Tesla Negotiates $565M Loan In China Amid Factory Shutdowns, Shrinking Sales

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