MORE FROM KrASIA

KEY STAT | China’s EV maker Xpeng reportedly filing for US IPO

Tesla’s China rivals are rushing to the public market to beef up their armories.

China’s southern Guangzhou-based electric vehicle (EV) startup Xpeng Motors will file for its US IPO as early as this Friday to raise up to USD 1 billion, Chinese tech media 36Kr reported.

On the heels of Xpeng’s IPO news, local media Caijing citing sources broke that one of its archrival Weltmeister was seeking a listing at the Shanghai Stock Exchange Science and Technology Innovation Board at the end of September once the company completes its D-round financing.

Cash-restrained Chinese EV makers are hurrying to raise more capital from public markets to sustain their operations. Beijing-based electric SUV maker Li Auto (NASDAQ: LI) collected USD 1.1 billion from a late July IPO.

Earlier this month, Xpeng bagged more than USD 300 million in a new round led by Alibaba(NYSE: BABAHKEX: 9988). The new investment came only two weeks after the company raised USD 500 million from investors including Hillhouse Capital, KrASIA reported.

More on China’s EV startups please read: TECH PANO | Capital-fueled “Teslas” of China are yet to own the roads

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.