Autos

Xpeng Motors, Chinese Tesla rival, files for New York IPO

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Xpeng Motors latest electric car is called the P7.

Xpeng Motors

Chinese electric car start-up Xpeng Motors has filed for an initial public offering (IPO) on the New York Stock Exchange, according to an official filing. 

While the company did not disclose how many Class A ordinary shares it would sell, Xpeng Motors said it would sell 429,846,136 class B ordinary shares, according to the Securities and Exchange Commission (SEC) filing published Friday. It also said it plans to raise a placeholder amount of $100 million, a figure that will likely change.

Each Class A ordinary share will be entitled to one vote while each Class B ordinary share will give the holder 10 votes.

The filing comes…



Source cnbc.com

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