Chinese electric vehicle startup XPeng Inc. raised $1.5 billion through an initial public offering in the U.S. as investor interest in EVs and clean energy outstripped concerns over escalating tensions between the U.S. and China.
The automaker, which is headquartered in Guangzhou, China and has offices in Silicon Valley and San Diego, said in a filing that it sold 99.7 million shares for $15 each, debut, raising about $1.5 billion. The automaker had originally planned to sell 85 million shares with a price guidance of between $11 and $13.
Shares of Xpeng began trading Thursday on the New York Stock Exchange under the ticker symbol XPEV.
XPeng had raised a total of $1.7 billion from investors including Chinese e-commerce giant Alibaba and Xiaomi Corp, prior to