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Chinese electric vehicle (EV) maker Xpeng Inc, backed by Alibaba and Xiaomi Corp , has filed to list its shares in New York, seeking to ride enthusiasm for EVs even as U.S.-China relations are strained.
FILE PHOTO: People look at XPeng's P7 sedan model displayed at the Guangzhou auto show in Guangzhou, Guangdong province, China November 22, 2019. Picture taken November 22, 2019. REUTERS/Yilei Sun
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BEIJING: Chinese electric vehicle (EV) maker Xpeng Inc, backed by Alibaba and Xiaomi Corp , has filed to list its shares in New York, seeking to ride enthusiasm for EVs even as U.S.-China relations are strained.
The move, announced on Friday, comes as share prices of EV makers including Tesla Inc and Nio Inc have surged in recent months.
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Shares in Xpeng rival Li Auto Inc soared more than 50per cent following its debut on Nasdaq on July 30, after the Chinese automaker sold shares to investors in its US$1.1 billion IPO.
The exuberance contrasts with relations between Washington and Beijing, which are at their worst in decades over accusations 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 US$900 million from investors in its latest funding round. This followed US$400 million in fund-raising in November. The latest investors include Alibaba, Qatar Investment Authority and Abu DRead More – Source
