China's Xpeng Motors Increases the Size of its U.S. IPO to $1.5 Billion Due to Strong Demand From Investors
【Summary】Chinese electric vehicle startup Xpeng Motors has increased the size of its U.S initial public offering (IPO) to about $1.49 billion, two sources with direct knowledge of the matter told Reuters.

Chinese electric vehicle startup Xpeng Motors has increased the size of its U.S initial public offering (IPO) to about $1.49 billion, two sources with direct knowledge of the matter told Reuters.
The company originally planned to sell 85 million American Depositary Shares (ADS) but increased that to about 99.7 million shares after higher-than-expected demand from investors, the sources told Reuters on condition of anonymity as the information is not yet public.
The automaker will price its shares at $15 each, up from the $11 to $13 dollar range.
The company is planning to list its shares on the New York Stock Exchange (NYSE). By listing its shares on the NYSE, Xpeng is hoping to cash in on the current investor trend of pouring money in new electric vehicle startups.
Xpeng had initially planned to raise $1.11 billion.
Based on the new size of the deal, Xpeng would be valued at roughly $11.2 billion following its IPO. Its shares will start trading in New York on Thursday.
According to Reuters, there is also a so-called greenshoe option in which another 14.96 million shares can be issued within the next 30 days that would allow Xpeng to raise a further $224.4 million.
Xpeng will become the latest Chinese electric vehicle maker to launch an IPO in the U.S. to raise new capital to challenge Tesla in their home market, following its rival NIO.
Shares of rival Tesla have reached record highs over the past three months, making the California electric vehicle pioneer the world's most valuable automaker as its stock topped $2,000 a share.
Xpeng is viewed as a popular alternative to Tesla in China. Xpeng's second electric model is the P7 smart sedan. The P7 went on sale in April. The P7 comes loaded with advanced technology, including self-parking. It's billed as a lower priced alternative to the Tesla Model S in China.
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.
Xpeng's P7 achieves an NEDC Range of 439 Miles, the longest of all EVs sold in China. The car features an all-wheel-drive setup with dual electric motors.
Xpeng Motors, founded in 2014, has raised significant new funding since late last year leading up to its debut on Wall Street. Chinese e-commerce giant Alibaba is among its backers.
The EV startup secured $400 million in Series C capital funding in Nov. 2019. In early July, Xpeng secured an additional $500 million in new funding, then followed that up a few weeks later with an additional $300 million round, equaling $1.2 billion raised in less than a year.
An pending Xpeng Motors U.S. listing comes two years after rival electric automaker NIO raised over $1 billion in its IPO on Sept, 12, 2018. NIO is one of Xpeng's biggest competitors in China. Shares of NIO have risen sevenfold this year.
resource from: Reuters
-
Lucid Launches New Performance Brand ‘Sapphire’ with a 1,200 Horsepower, Tri-Motor Version of the Lucid Air Sedan
-
SK Inc. Invests $100 Million in North Carolina-based EV Charging Hardware Developer Atom Power
-
China’s Tesla Rival XPeng Unveils its New ‘S4’ 480kW Electric Vehicle Supercharger That Can Add 125 Miles of Range in Just 5 Minutes
-
Volvo’s Brand Polestar Confirms That the Polestar 6 Electric Roadster Will Enter Production and Launch in 2026
-
BorgWarner to Supply its Integrated Drive Module to Hyundai for a New EV That Will Enter Production in 2024
-
Amazon Customers in Texas and California Will Begin Receiving Packages via Prime Air Drones Later This Year
-
AI-Powered Computer Vision Perception Developer StradVision Closes on $88 Million Series C Funding Round
-
Ford Raises the Prices of the F-150 Lightning Electric Pickup Due to Rising Raw Material Costs
- Ford is Investing $3.7 Billion and Adding Over 6,200 UAW Manufacturing Jobs in the Midwest to Produce New Vehicles
- SK Inc. Invests $100 Million in North Carolina-based EV Charging Hardware Developer Atom Power
- FCA to Pay $300 Million Fine for Emissions-Cheating Vehicles
- Michigan-based May Mobility Closes on $111 Million Funding Round, Begins Development on Toyota’s Next-Gen Commercial Autonomous Vehicle Platform
- Polestar Shares the First Image of the Polestar 3 Electric SUV Ahead of its October Debut
- Tesla Vehicles Operating in Autopilot Mode Involved in 273 Crashes in Under a Year, the NHTSA Reports
- The Electric Mercedes-Benz G-Class SUV Will Use a Silicon-based Battery Developed by Sila Nanotechnologies
- Hyundai's 2022 IONIQ 5 Electric SUV Awarded an IIHS 'Top Safety Plus' Rating
- Ford Motor Co Selects its Plant in Spain to Build 'Breakthrough' EVs for the European Market on a Next-Gen Architecture
- EV Charging Provider Electrify America Raises $450 Million, Siemens to Become a Minority Shareholder