China’s Xpeng IPO raises US$1.5 billion for smart EV technologies, expansion

An XPeng Inc P7 performance electric car is seen outside the New York Stock Exchange on Wednesday ahead of the Chinese company's IPO trading yesterday. – REUTERSPIXChinese electric vehicle maker Xpeng said yesterday it has increased the size of its US initial public offering by more than a third to about US$1.5 billion , as global investors race to companies promoting cleaner technology.

Xpeng's chief executive He Xiaopeng, 42, who is also known for founding internet browser company UCWeb, said the company will focus on cars priced between 150,000 and 300,000 yuan , a big mass-market segment in China, the world's biggest auto market. The firm invested over 2 billion yuan in technology development last year, with around one-third on intelligent functions such as autonomous driving, He said.

Xpeng said in a filing that it would price its shares at US$15 each, after initially indicating they would be sold for US$11 to US$13 when the deal was launched on Friday.

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