Chinese Tesla rival Xpeng Motors files for New York IPO
- Date: 10-Aug-2020
- Source: CNBC
- Sector:Financial Markets
- Country:Qatar
Chinese Tesla rival Xpeng Motors files for New York IPO
Xpeng Motors latest electric car is called the P7.Xpeng MotorsChinese 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 after CNBC reported that it raised a further $400 million from Alibaba, one of its biggest shareholders, the Qatar Investment