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CHINA BRIEF | Alibaba-backed EV maker Xpeng Motors to kick off USD 700 million US IPO

The move follows EV maker Li Auto’s strong Nasdaq debut.

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Guangzhou-based electric vehicle (EV) maker Xpeng Motors will start its initial public offering to raise USD 700 million in the US as early as next month and no later than September, 36Kr reported Friday, citing an unidentified investor for the startup and also a Reuters report.

This plan comes shortly after Xpeng Motors raised USD 500 million earlier this month from investors including Hillhouse Capital and after its rival Li Auto soared nearly 50% on its Nasdaq debut on Thursday, following a USD 1.1 billion IPO.

Founded in 2014, Xpeng launched its first model, the G3 pure electric SUV in 2018 and unveiled the second model, the P7 sports sedan, in April this year.

The EV maker counts IDG Capital, Alibaba, and Xiaomi among its major backers.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.