Get this delivered to your inbox, and more info about our products and services. Follow him on Twitter. Also, underwriters have a 30-day option to buy 15 million additional common shares. Announcements, China, ipo, china electric vehicles, stock, https://insideevs.com/news/438128/xpeng-files-us-ipo-nyse/, a state of the art manufacturing facility, Tesla Model 3 Towing Huge 26-Foot Airstream: Range & Power Test, Smart Summon Allows Tesla Model Y To Escape From A Very Deep, Big Puddle, Watch This Tesla Model Y Window Shatter On Its Own While Parked In Garage, Tesla Model 3 At 100K Miles: Maintenance Costs & Battery Degradation, Tesla Is Calling Model Y Owners For Roof Inspection After One Flew Off. The … On August 6, the President’s Working Group (PWG) on Financial Markets issued a warning to U.S. regulators to require greater access to the accounts of Chinese companies that are seeking to list on U.S. exchanges, citing the Chinese government’s failure to support auditing standards. The G3 is currently made at Haima Automotive's Zhengzhou manufacturing facility under a joint operating agreement. A Division of NBCUniversal. The company is also planning to. The P7 is currently being made there. are joint bookrunners for the offering. Right now, Xpeng has a market value of over $8.5 billion. The stock rose 41.5 percent on Aug. 27 and closed at $21.22. The Xpeng P7 is currently the longest-range EV made in China, beating the long-range Tesla Model 3 by 24 miles (38 km). Shares were priced at $15, above the expected range of $11 to $13, and Xpeng also boosted its offer from 85 million American depositary shares (ADS) to 99.7 million. The Guangzhou-based automaker raised about $1.5 billion in the IPO, which was an increase from $1.1 billion planned earlier. Together, we drive smart #EV transformation. add a new sedan to its lineup sometime next year. The Alibaba-backed(BABA)Chinese electric carmaker earlier said it … Xpeng recently completed its C+ round of investment, which saw $900 million injected into the company by investors including Qatar’s sovereign wealth fund, Alibaba Group Holding Ltd, Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China. The company plans to release XPILOT 3.0 in early 2021 -- an update that it says will add a "navigation guided pilot for highway driving and advanced automated parking.". Nio traded down about 2%, at $20.04 in a 52-week range of $1.19 to $20.97. and WeChat, social media apps, from operating in the U.S. said it plans to use the proceeds from the. BofA Securities, J.P. Morgan, and Credit Suisse are the joint bookrunners on the deal. In 2020, NIO's stock price has surged sevenfold, which suggests strong interest from investors in EV companies. Xpeng’s first trading has cast a chill on Li Auto’s stock. Xpeng stock hit $25 on Aug. 27, up 67 percent from the IPO price. The Chinese smart electric vehicle (EV) maker had priced its IPO at $15 per share. The move wasn't a … The firm invested over 2 billion yuan in technology development last year, with around one-third on intelligent functions such as autonomous driving, He said. Xpeng shares started trading on the NYSE on Aug. 27 under the ticker “XPEV.” The IPO will likely close on Aug. 31. BofA Securities, Credit Suisse, and J.P. Morgan. Unlike some electric vehicle start-ups such as Nikola (NASDAQ:NKLA), Fisker, and Lucid Motors, XPeng already has vehicles on the road. . Xpeng, based in Guangzhou, was founded in 2015. Xpeng's chief executive He Xiaopeng, 42, who is also known for founding internet browser company UCWeb, said the company will focus on cars priced between 150,000 yuan ($21,804) to 300,000 yuan, a big mass-market segment in China, the world's biggest auto market. However, the two EV automakers from China that have already had IPOs in the US have done so successfully. Earlier this month, President Donald Trump issued executive orders banning TikTok and WeChat, social media apps, from operating in the U.S. Xpeng said it plans to use the proceeds from the IPO on research and development of smart vehicles and general corporate purposes. Early backers include Alibaba, Xiaomi, and Sequoia Capital. In a regulatory filing, the company said it is pricing the stock at between $11 and $13 per share. “The PWG unanimously recommends that the Securities and Exchange Commission take steps to enhance the listing standards on U.S. exchanges for access to audit work papers, among other recommendations,” Treasury Secretary Steven Mnuchin, who chairs the PWG, said. He said a third model would also be a sedan, but declined to comment on the company's future sales. NIO, in particular, has seen its stock climb considerably in 2020. We believe the following strengths position us well to capitalize on the opportunities of a rapidly changing passenger vehicle market and the anticipated consumer demand for Smart EVs in China: We pursue the following strategies to accomplish our mission: Xpeng is particularly proud of its ADAS because they are one of the only automakers in China that isn't outsourcing its ADAS software for core semi-autonomous driving features. The IPO, which is the third major listing in New York by Chinese EV companies in the past two years, comes as share prices of EV makers including Tesla and Nio Inc have surged in recent months. Xpeng Motors, which was established in 2014, is considered to be a popular alternative to Tesla in China. In September 2018, NIO raised about $1 billion in its IPO. . All Rights Reserved. His focus includes renewable energy, gold, and water utilities. The Chinese automaker Xpeng aims to raise $1.5 billion in an initial public offering on the New York Stock Exchange, the company said on Thursday. Xpeng Motors debuts at NYSE—Here's what to know about the Tesla competitor. The announcement makes XPeng the third electric vehicle manufacturer out of China to list its shares in the US. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. This is the second IPO for a China-based electric vehicle maker in less than a month. Investors now value Xpeng at over $11 billion and its shares will start trading in New York on Thursday. Xpeng Motors debuts at NYSE—Here's what to know about the Tesla competitor Squawk on the Street Chinese electric vehicle (EV) maker Xpengsaid … Early backers include Alibaba, Xiaomi, and Sequoia Capital. NIO, for instance, uses Mobileye systems. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. In a regulatory filing, Xpeng said that the revenue from vehicle sales in the first six months of 2020 declined to $129.3 million from $173.2 million in the same period last year.