According to The South China Morning Post, Xpeng Motors has recently raised an additional $300 million ahead of its New York Stock Exchange initial public offering. The $300 million is on top of the $500 million we reported the startup electric vehicle manufacturer raised last month.
Xpeng has reportedly received the latest round of funds from first-time Xpeng investor Qatar’s sovereign wealth fund, and additional investment from Alibaba Group Holding Ltd, according to people familiar with the matter.
In last month’s $500 million Series C+ round of investment, a total of approximately $500 million was raised, primarily from a group of investors including Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China.
The South China Morning Post also revealed that they recently learned that Xpeng Motors recently confidentially filed to list on the New York Stock Exchange, the person familiar added. The initial public offering should take place later this year.
Xpeng just launched its second vehicle, the P7 long-range sports sedan, last month. The P7 is packed with high-tech, including Xpeng’s Xpilot 3.0 advanced driver’s assist system. Xpeng’s first vehicle, the G3, is a compact SUV and to date has sold just over 20,000 copies in the 1.5 years it has been available.
If the South China Morning Post is correct, Xpeng will be the third Chinese electric vehicle automaker to list on the US stock market. NIO, and most recently, Li Auto are already traded on the NY stock exchange. NIO’s stock has quadrupled in recent months and Li Auto has roughly held steady since its IPO last week.
Xpeng has a lot riding on the P7, and had 15,000 pre-orders for the vehicle when we last spoke to the company in June. It’s important to note that those were more like reservations than hard orders with deposits. Still, it appears there is a high demand for the P7, which is a direct Model 3 competitor, although size-wise it fits between the Model 3 and Model S. That’s because the P7’s price starts at about $36,000 US, substantially less than a Model 3.
The Xpeng P7 is currently the longest-range EV made in China, beating the long-range Tesla Model 3 by 24 miles (38 km). The P7 has an NEDC range rating of 706 km which translates to 438 miles, and the long-range Tesla Model 3 is officially rated at 668 km (414 miles) by the Chinese Ministry of Industry and Information Technology (MIIT).