Chinese Tesla rival Xpeng Motors files for New York IPO

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