Chinese language Tesla rival Xpeng appears for recent funding and will attempt a US IPO

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Up to now, Xpeng Motors has raised $1.three billion in funding, based on knowledge from Crunchbase, with backers together with e-commerce large Alibaba and Foxconn.

Regardless that the subsequent spherical of funding is prone to come from the personal markets, He mentioned an preliminary public providing (IPO) will not be far off.

“Sure, we do have IPO plans. We’re open to an inventory both abroad or at residence in China. We wish to focus constructing our enterprise first earlier than contemplating the IPO,” He informed CNBC.

“The auto trade is capital intensive, and on the similar time, has strict requirement for operation and effectivity. We wish to deal with getting extra orders and delivering the automobiles this yr and subsequent, earlier than we get thinking about going public.”

He added that whereas a ultimate location for the general public itemizing has not been determined, and a U.S itemizing will possible occur earlier than one on the mainland.

“We’re on the fence for the U.S. and tech board itemizing. For Xpeng, we hope to do each. Tech board is an efficient choice. We are going to preserve monitoring it. It’s attainable that our U.S. itemizing will occur sooner,” Xiaopeng mentioned.

“Tech board” refers to a Nasdaq-style itemizing location in Shanghai that’s geared toward attracting high-tech corporations.

If Xpeng Motors lists within the U.S., it could be following within the footsteps of rival electrical car maker NIO, which went public on the New York Inventory Change final yr.