Autos

Chinese Tesla rival Xpeng Motors in talks over funding ahead of US IPO

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Xpeng Motors latest electric car is called the P7.

Xpeng Motors

Xpeng Motors, one of Tesla‘s rivals in China, is in talks to raise around $300 million in funding ahead of an initial public offering (IPO) in the U.S., two sources familiar with the matter told CNBC.

Qatar’s sovereign wealth fund, the Qatar Investment Authority, is one of the investors in the funding round, the sources said. 

The final amount raised might be higher than $300 million as a number of investors are still in discussions to put money into Xpeng, the sources, who wanted to remain anonymous because the discussions are private, added.

Xpeng Motors declined to comment. The Qatar Investment Authority was not immediately…



Source cnbc.com

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