Xpeng files for US IPO after raising nearly $1B
August 10, 2020
Xpeng, the Chinese electric vehicle maker pegged as one of Tesla's main rivals, has filed to go public on the NYSE.
The company listed the size of the offering at $100 million, a placeholder amount that's likely to change. The filing follows Guangzhou-based Xpeng's Series C+, which secured $900 million from Alibaba, Mubadala, Sequoia China and others.
Xpeng sells two flagship electric vehicles—the G3 SUV and the P7 sports sedan—and plans to launch a third vehicle in 2021. Since it began production of the G3 SUV in late 2018, Xpeng has delivered 18,741 units of the vehicle. It began deliveries of the P7 in May, with nearly 2,000 units shipped as of the end of July. The carmaker also has plans to roll out a new product model each year.
Since its founding in 2015, Xpeng hasn't been profitable and has just begun to generate revenue. In the first half of 2020, it booked $141.9 million in revenue with losses of $112.6 million. Last year, it received $328.5 million in revenue, but posted a loss of $522.5 million.
At the end of last month, Xpeng's Chinese rival, Li Auto, raised $1.1 billion in its IPO. Since going public, the Beijing-based company's stock has climbed 47%.
The company listed the size of the offering at $100 million, a placeholder amount that's likely to change. The filing follows Guangzhou-based Xpeng's Series C+, which secured $900 million from Alibaba, Mubadala, Sequoia China and others.
Xpeng sells two flagship electric vehicles—the G3 SUV and the P7 sports sedan—and plans to launch a third vehicle in 2021. Since it began production of the G3 SUV in late 2018, Xpeng has delivered 18,741 units of the vehicle. It began deliveries of the P7 in May, with nearly 2,000 units shipped as of the end of July. The carmaker also has plans to roll out a new product model each year.
Since its founding in 2015, Xpeng hasn't been profitable and has just begun to generate revenue. In the first half of 2020, it booked $141.9 million in revenue with losses of $112.6 million. Last year, it received $328.5 million in revenue, but posted a loss of $522.5 million.
At the end of last month, Xpeng's Chinese rival, Li Auto, raised $1.1 billion in its IPO. Since going public, the Beijing-based company's stock has climbed 47%.
Tags:
Join the more than 1.5 million industry professionals who get our daily newsletter!