Xpeng, an electric luxury car manufacturer in China, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
Xpeng targets the mid- to high-end segment in China’s passenger vehicle market, with prices ranging from $21,000 to $43,000, and currently offers two electric vehicles, the G3 SUV and the P7 sports sedan. According to the IHS Markit Report, the G3 was among the top-three best-selling electric SUVs in China in 2019.
The Guangzhou, China-based company was founded in 2015 and booked $301 million in sales for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol XPEV. Xpeng filed confidentially on June 2, 2020. Credit Suisse, J.P. Morgan and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
