BEIJING, Aug. 8 (Reuters) – Chinese electric car (EV) maker Xpeng Inc, backed by Alibaba and Xiaomi Corp., has filed for listing its shares in New York, trying to drive enthusiasm for EVs, even as US-US relations China is tense.
The move, announced on Friday, comes as share prices from EV makers including Tesla Inc and Nio Inc have gone up in recent months.
Shares in Xpeng rival Li Auto Inc rose more than 50% after its debut on Nasdaq on July 30, after the Chinese motorist sold shares to investors in its $ 1.1 billion IPO.
Prosperity contrasts with relations between Washington and Beijing, which for decades have been at least about allegations of spying, a trade war, the coronavirus and Hong Kong.
Before six-year-old Xpeng sought permission to list on the New York Stock Exchange, it raised $ 900 million from investors in its final round of financing. This was followed by $ 400 million in fundraising in November. Recent investors include Alibaba, Qatar Investment Authority and Abu Dhabi’s sovereign wealth fund Mubadala.
Xpeng, Guangzhou-based, led by CEO He Xiaopeng, has sold more than 20,000 electric cars, including new P7 sedans and G3. It builds cars in two factories in China.
IPO funds will go to research and development in areas such as intelligent vehicle technologies and sales expansion, the company said in a submission to the U.S. Securities and Exchange Commission.
Xpeng intends to list its shares under the symbol “XPEV”.
Bank of America, JP Morgan, and Credit Suisse are the underwriters for the listing.
(Report by Yilei Sun and Brenda Goh)
