According to CNBC, Xpeng Motors is seeking at least USD 500 million in funding and watching for an IPO, presumably in the USA.
According to CNBC, Xpeng Motors is seeking at least USD 500 million in funding and watching for an IPO, presumably in the USA.
“Yes, we do have IPO plans. We are open for an overseas listing as well as at home, in the Mainland. However, before considering the IPO, we want to focus on improving our business” He Xiaopeng -the founder of XPeng Motors- stated.
So far, XPeng Motors has raised USD 1.3 billion, the company backed by several investors including e-commerce giant Alibaba and Foxconn.
On 7 November 2018, XPeng Motors launched its first electric SUV production; G3. It starts from CNY 227,800 (USD 33,000) before subsidies. In some Chinese cities, after subsidies, it costs around CNY136,000 (USD 19,800). A fairly competitive price for an EV.
LIU Pei, the vice general manager of XPeng Motors Sales Department stated that Xpeng G3 will begin its large-scale delivery from March 15. It is planned to finalize the delivery of 10,000 vehicles by the end of July and 40,000, by the end of 2019.
XPeng Motors' new product, codenamed E28- will be unveiled at the Shanghai International Automobile Industry Exhibition in April. E28 will be delivered from 2020 on and expected to be sold within the range of a USD 25,000 to USD 50,000. The final pricing to be revealed by the end of the year.
In addition, HE Xiaopeng stated that they are actively looking for the next round of funds, and added that it would be around USD 500 million or more in the form of equity and debt. The fund will be used to ramp up production, including its own factory, which it is currently under construction. The factory will be completed in the second quarter of 2020 and will be producing cars on a “mass scale", Xiaopeng stated.
“We are on the fence for the U.S. and tech board listing. For XPeng, we hope to do both. Tech board is a good option. We will keep monitoring it. It is possible that our U.S. listing will happen sooner”