Xpeng Motors

Main Article: Electric Vehicles (Global Market)

History

2023

Buying Didi Business

China At the end of August 2023, Didi, the largest taxi ordering service, announced an agreement to sell electromobile the company's business. Xpeng The transaction amount is approximately $744 million. More. here

Loss of 75% of the fortune by the co-owner of the company

He Xiaopeng, co-founder and chief executive officer of the Chinese manufacturer, electric vehicles Xpeng lost three-quarters of his fortune to increased market competition and price wars. This became known on May 30, 2023. More. here

2021

2020: Going public and raising $1.5 billion

At the end of August 2020, Chinese electric car maker Xpeng raised $1.5 billion in an initial public offering on the New York Stock Exchange. Rival Tesla sold 99.7 million shares at $15, although Xpeng's initial forecast was to sell only 85 million shares at a price of $11 to $13 apiece. According to The Wall Street Journal, shares of the electric car maker jumped 41% on the first day of trading in the United States.

The planned amount rose due to high demand from power generating investors. The high growth was also noted in the case of other Chinese electric car manufacturers such as Nio and Li Auto, as investors are ready to make big bets on the future of electric vehicles. At the same time, the underwriters of the transaction - Credit Suisse, JPMorgan and Bank of America - will have a 30-day option to buy 15 million shares additionally, Xpeng said.

Chinese electric car maker Xpeng goes public and raises $1.5 billion

Going public will allow Xpeng to attract much larger amounts than from private investors. The additional funding will help the company compete in the crowded electric vehicle market, which already has Li Auto, Nio, WM Motor and Tesla. For all its existence since 2014, Xpeng has raised $2.6 billion. Early investors in the company included Aspex, Coatue, Hillhouse Capital and Sequoia Capital China. Earlier, the company also received $400 million in cash from Chinese investors Alibaba and Xiaomi, with which the company is developing technologies for connecting a smartphone to an electric car.

Xpeng's initial public offering all but coincided with the opening of Tesla's Shanghai plant and the start of delivery of Model 3 sedans to China. In July 2020, Xpeng began shipping its own P7 electric sedan, which is considered the main competitor to the Model 3.^[1]

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