Electric vehicle pioneer Tesla Inc (NASDAQ: TSLA) might be getting more tough competition from the Chinese EV market.
What Is Xpeng Motors?
Xpeng, founded in 2014, is based out of Guangzhou and is backed by Alibaba Group Holding Ltd – ADR (NYSE: BABA) and Xiaomi, among others. It currently sells two EV models: G3 e-SUV, released in late 2018 and P7 E-Limousine, launched recently.
Incidentally, Tesla has an ongoing litigation pending against Xpeng, alleging the latter has stolen its Autopilot source code.
Xpeng is contemplating a $500 million IPO, media reports suggest. The company hasn't confirmed the speculation yet.
Xpeng Motors eceived $400 million in capital infusion late last year.
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