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TESLA, INC.

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Chinese EV maker Xpeng files for U.S. listing after rival surges

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08/08/2020 | 01:05am EDT
People look at XPeng's P7 sedan model displayed at the Guangzhou auto show in Guangzhou

Chinese electric vehicle (EV) maker Xpeng Inc, backed by Alibaba and Xiaomi Corp, has filed to list its shares in New York, seeking to ride enthusiasm for EVs even as U.S.-China relations are strained.

The move, announced on Friday, comes as share prices of EV makers including Tesla Inc and Nio Inc have surged in recent months.

Shares in Xpeng rival Li Auto Inc soared more than 50% following its debut on Nasdaq on July 30, after the Chinese automaker sold shares to investors in its $1.1 billion IPO.

The exuberance contrasts with relations between Washington and Beijing, which are at their worst in decades over accusations of spying, a trade war, the coronavirus and Hong Kong.

Before six-year-old Xpeng sought permission to list on the New York Stock Exchange, it raised $900 million from investors in its latest funding round. This followed $400 million in fund-raising in November. The latest investors include Alibaba, Qatar Investment Authority and Abu Dhabi's sovereign wealth fund Mubadala.

Guangzhou-based Xpeng, led by chief executive He Xiaopeng, has sold over 20,000 electric vehicles, including new P7 sedans and G3. It builds cars in two factories in China.

Funds from the IPO will go towards research and development in areas such as intelligent vehicle technologies and sales expansion, the company said in a filing to U.S. Securities and Exchange Commission.

Xpeng intends to list its shares under the symbol "XPEV".

Bank of America, J.P. Morgan, and Credit Suisse are the underwriters for the listing.

(Reporting by Yilei Sun and Brenda Goh)

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED 0.50% 271.09 Delayed Quote.27.81%
BANK OF AMERICA CORPORATION 0.64% 23.49 Delayed Quote.-33.30%
CREDIT SUISSE GROUP AG -1.64% 8.766 Delayed Quote.-33.11%
LI AUTO INC. 4.71% 15.8 Delayed Quote.0.00%
NASDAQ COMP. 2.26% 10913.561787 Delayed Quote.21.63%
NIO LIMITED 2.63% 18.32 Delayed Quote.355.72%
TESLA, INC. 5.04% 407.34 Delayed Quote.386.86%
XIAOMI CORPORATION -0.60% 19.72 End-of-day quote.82.93%
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Financials (USD)
Sales 2020 29 971 M - -
Net income 2020 1 038 M - -
Net Debt 2020 1 287 M - -
P/E ratio 2020 370x
Yield 2020 0,03%
Capitalization 380 B 380 B -
EV / Sales 2020 12,7x
EV / Sales 2021 8,90x
Nbr of Employees 48 016
Free-Float 79,6%
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Technical analysis trends TESLA, INC.
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 36
Average target price 327,19 $
Last Close Price 407,34 $
Spread / Highest target 39,0%
Spread / Average Target -19,7%
Spread / Lowest Target -84,0%
EPS Revisions
Managers
NameTitle
Elon Reeve Musk Chief Executive Officer & Director
Robyn M. Denholm Chairman
Zachary Kirkhorn Chief Financial Officer
Kimbal Musk Director
Ira M. Ehrenpreis Independent Director
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