Thursday, August 20, 2020

Electric cars: Xpeng Motors

Xpeng Motors (NYSE:XPEV)  began trading on the NYSE on Wed 26 Aug 20
  • Xpeng is the third Chinese electric vehicle startup to go public in New York after Nio's (NIO) $1 billion IPO two years ago and Li Auto's (LI) recent $1.1 billion IPO.
  • Electric car stocks have benefited both from Tesla's surge this year and as governments and automakers promote emissionless technology.
  • Major investors: Alibaba Group (BABA), Coatue, and Qatar Investment Authority.


P7 sedan

The P7 sedan will compete against Tesla Model 3 in China by offering a longer range and lower price.  It went on sale in China at the end of June. Base Price: $33,391

An IPO filing describes the company as producing two premium electric vehicles, the G3 SUV and the four-door P7 sports sedan. P7, which launched at the end of June, is a rival to the Tesla Model 3 in China. A third model is expected in 2021.

Xpeng also offers an optional autonomous driving system. It targets the mid- to high-end China electric car market, as do Chinese rivals Li Auto and Nio.

Founded in 2015, Xpeng is unprofitable and revenue dived 19% in the first half of 2020 as the coronavirus pandemic hit sales.

He Xiaopeng, the 42-year-old founder of Xpeng Motors.
Previously, he developed the Chinese web browser UC Browser and sold it to Alibaba in 2014.

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