Electric vehicle pioneer Tesla Inc TSLA might be getting more tough competition from the Chinese EV market.
Nio Inc – ADR NIO hit the U.S. markets back in September of 2018, and now Xpeng Motors is planning a U.S. listing, the South China Morning Post reported.
What Is Xpeng Motors?
Xpeng, founded in 2014, is based out of Guangzhou and is backed by Alibaba Group Holding Ltd – ADR BABA and Xiaomi, among others. It currently sells two EV models: G3 e-SUV, released in late 2018 and P7 E-Limousine, launched recently.
Incidentally, Tesla has an ongoing litigation pending against Xpeng, alleging the latter has stolen its Autopilot source code.
Xpeng is contemplating a $500 million IPO, media reports suggest. The company hasn't confirmed the speculation yet.
Xpeng Motors eceived $400 million in capital infusion late last year.
Related Links:
Nio's History Of Capital Raises: A Look At The Chinese EV Manufacturer's Debt
Tesla Negotiates $565M Loan In China Amid Factory Shutdowns, Shrinking Sales
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