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CHINA BRIEF | Alibaba-backed EV maker Xpeng soars 41.5% on NYSE debut

Xpeng, the third US-listed Chinese EV manufacturer after Li Auto and NIO, raised about USD 1.5 billion in its IPO.

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Guangzhou-based electric vehicle maker Xpeng (NYSE: XPEV) closed at USD 21.2 on Thursday, its first trading day on the New York Stock Exchange, up 41.5% from its initial public offering price of USD 15.

The company, which counts Alibaba among its investors, raised about USD 1.5 billion in its IPO, according to Reuters.

The EV maker’s IPO comes shortly after Beijing-based electric SUV maker Li Auto raised USD 1.1 billion in July. Li Auto also witnessed a bullish debut as its shares rose nearly 50% on July 30, the first trading day.

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

The startup delivered 1,614 P7 units to buyers in July, the first month when Xpeng started to ship the new model, according to its website.

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.