EV Maker XPeng Jumps in Trading Debut After $1.5 Billion IPO
EV Maker XPeng Jumps in Trading Debut After $1.5 Billion IPO
Chinese EV startup Xpeng Motors raises $1.5 billion in U.S. public market debut
29 August, 2020, 21:25
Chinese electric vehicle (EV) maker Xpeng said on Thursday it has increased the size of its U.S initial public offering (IPO) by more than a third to about $1.5 billion, as global investors race to companies promoting cleaner technology.
An accounting scandal at Luckin Coffee, which started trading in NY past year, has also contributed to the hostile environment for Chinese companies. Xpeng's second electric model is the P7 smart sedan, which followed the G3 compact SUV.
The automaker will price its shares at $15 each, up from the $11 to $13 dollar range.
The high-profile startup launched last week the Battery as a Service (the "BaaS") subscription model, which allows users to purchase electric vehicles and subscribe the usage of battery packs separately. Xpeng also clashed with Tesla previous year over its alleged theft of Autopilot source code, leading the United States automaker to subpoena Xpeng's American business unit with requested access to the company's autonomous driving technology source code.
Shanghai (Gasgoo)- NIO Inc., the first Chinese EV startup that goes public on the New York Stock Exchange, saw its shares were up 19.17% closing at $17.84 on August 25 and its market value hit $21.131 billion, for the first time exceeding $20 billion.
The greenshoe option in 14.96M ADS that would raise an additional $224.4M.
Shares of Chinese electric vehicle (EV) maker Xpeng Inc jumped as much as 67% after its USA market debut on Thursday, as capital markets continue to reward new listings in what has been one of the best years for IPOs since the dotcom boom.
Xpeng is part of a crowded field of electric vehicle makers in China, the world's largest auto market.
The P7 costs less than half the price of a Model S. Xpeng says it's offering the same level of technology, connectivity features and performance in the P7 for around $50,000 less than Tesla's flagship sedan. The vehicle features an all-wheel-drive setup with dual electric motors. Chinese e-commerce giant Alibaba is among its backers.
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Mr Evers announced the legislation in the wake of the police killing of George Floyd in the neighbouring state of Minnesota. After he opens the door and leans into the vehicle , seven shots ring out, with one of the officers tugging at his shirt.
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