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Chinese Electric Vehicle Maker Xpeng files for $500 Million US IPO

Esther Thin

Xpeng Inc, a Chinese electric vehicle maker, has filed Form F-1 Registration Statement on August 7, 2020 with the U.S Securities and Exchange Commission to raise up $500 million in the IPO. Pricing terms are yet to announce.

The Company delivered a total of 18,741 units of its first model, the G3 SUV, and 1,966 units of its second model, the P7 sports sedan as of July 31, 2020. The company expects to launch its third Smart EV, a sedan, in 2021.

The Guangzhou, China-based company was founded in 2015 and booked $301 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol “XPEV.” Credit Suisse, J.P. Morgan and BofA Securities are underwriters of the IPO.

The company engages Simpson Thacher & Bartlett LLP as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP as Independent Auditor.

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