Alibaba Boosts Investment in EV Maker Xpeng Before New York IPO - Bloomberg:
Chinese electric-car startup Xpeng Motors is raising more funds from Alibaba Group Holding Ltd. and other investors ahead of its planned initial public offering in New York, according to people familiar with the matter.
Qatar Investment Authority also is one of the backers putting in another $300 million total in Xpeng, said the people, asking not to be identified because the matter is private. That expands Xpeng’s pre-IPO funding round announced last month to $800 million. The increased funding reflects investor demand, one of the people said.
The Guangzhou-based carmaker still may add to its haul before the IPO, the people said, as investor interest in electric vehicles increases following gains in shares of Tesla Inc. and the U.S.-listed NIO Inc. this year. Xpeng competes against those two companies and a raft of other startups in China, the world’s largest EV market.
The company has filed confidentially to the U.S. Securities and Exchange Commission to go public as soon as this quarter, the people said.
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