Automotive Author：Qasim Khan Aug 01, 2020 08:05 PM (GMT+8)

If this goes through, Xpeng will become the third Chinese EV startup to go public in the US.

Xpeng Motors' all new P7. Image credit: Xpeng Motors

Xpeng Motors, one of the three EV powerhouses of China, is readying for an IPO in the United States. According to Chinese media TechWeb, a person familiar with the matter said that Xpeng Motors plans to raise approximately USD 300 million before going public and is currently negotiating related matters. The same source also mentioned that the company plans to go public in the US as early as mid-August, with an IPO valued at at least USD 700 million with Bank of America, Credit Suisse and JPMorgan Chase are handling the matter.

It is worth mentioning that the EV startup recently raised a handsome USD 500 million from renowned investors such as Aspex, Coatue, Hillhouse Capital and Sequoia China.