China’s Xpeng Motors has officially filed for its shares to be listed on the New York Stock Exchange (NYSE). It will become the third Chinese EV manufacturer to float in the U.S. after Li Auto Inc. and NIO.
Bank of America, J.P. Morgan, and Credit Suisse are the underwriters for the listing.
In the filing, it states: ‘As of June 30, 2020, we had 3,676 employees in China and the United States. As of June 30, 2020, approximately 43% of our employees focused on research and development, of which 66%, 17% and 17% were dedicated to automotive design and engineering, autonomous driving and intelligent operating system, respectively’.
The smart electric vehicle company recently announced the signing of its Series C+ financing of around US$500 million with a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China.
At the time, the company wrote: ‘The signing of the Series C+ financing demonstrates investors’ confidence in the Company’s strategy, market positioning and its long-term vision as a leading Smart EV player in China’.
It added: ‘The Series C+ financing further enhances the Company’s commitment to serving the large and growing base of technology-savvy middle-class consumers in China by providing Smart EV experiences empowered by advanced technology’.
Xpeng Motors launched its second Smart EV model, the P7 sports sedan – in April 2020, and secured the production license for its self-built fully-owned factory in Zhaoqing, Guangdong Province in May 2020.
