Aug 25 2020
Chinese Company Xpeng Motors Aims to raise $ 1.1 Billion When it goes Public in the United States
As the US automaker Tesla's share price hits record highs, investors are pouring money into electric vehicle startups. In recent months, several high-profile EV start-ups have signed reverse merger deals with blank check companies in an effort to raise capital on Wall Street. Other publicly traded electric vehicle startups include Nikola Motor, Lordstown Motors, and Chinese new energy vehicle (NEV) startups Li Auto and NIO Inc. The company today announced that it plans to raise up to $ 1.11 billion in its upcoming IPO in the United States. Xpeng Motors announced plans on Friday to sell 85 million American Depositary Shares (ADS), each of which represents two Class A common shares, priced between $ 11 and $ 13 per share. In the high-end, XPeng's valuation is $ 9.17 billion.