Xpeng Motors, a Chinese rival to Tesla, is looking at a public listing, possibly in the United States, its CEO He Xiaopeng told CNBC on Wednesday.
Xpeng Motors, a Chinese rival to Tesla, is seeking at least $500 million in funding and separately looking at a public listing, possibly in the United States, its CEO He Xiaopeng told CNBC on Wednesday.
Speaking to CNBC at the Boao Forum in China, He said the factory — which is owned by another carmaker called Haima — has increased production from 1,000 vehicles, to at least 3,000, a month. The CEO said his goal is to deliver 10,000 cars by July. Xpeng is also gearing up for the launch of a new car, codenamed E28, at the Shanghai Auto Show next month. It is expected to rival Tesla's Model 3.
So far, Xpeng Motors has raised $1.3 billion in funding, according to data from Crunchbase, with backers including e-commerce giant Alibaba and Foxconn. "The auto industry is capital intensive, and at the same time, has strict requirement for operation and efficiency. We want to focus on getting more orders and delivering the cars this year and next, before we start considering going public."
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