Chinese Tesla Rival Xpeng Motors Files to Go Public on NYSE
As the market for electric cars continues to grow, Tesla isn’t the only one shooting for a zero emissions world.
Xpeng Motors has announced a filing for an initial public offering (IPO) in the New York Stock Exchange, according to CNBC. The Chinese Electric Vehicle (EV) startup says it plans to sell 429,846,136 class B ordinary shares, though it would not disclose how many class A shares it planned to offer.
In recent months, Tesla has stepped up its game in the Chinese market, having just begun delivery from its Shanghai factory this year. Xpeng’s decision to appeal to the New York stock market is set to help them maintain their pace among Chinese competition with Tesla, as well as Nio, Li Auto, and WM Motor, who all also recently listed within the US.
— XPENG (@XPengMotors) July 17, 2020
Xpeng Motors offers two cars to consumers at the moment, one being the G3 SUV, and the other being the P7 sedan, which is considered comparable to Tesla’s Model 3. The startup also plans to release a third car model in 2021, though no further announcements have been made about this just yet.
In any case, the horizon is looking bright for EVs. We can expect to see a lot of new releases in the next few years, including an expanded repertoire from companies around the world like Xpeng Motors.