After years of developing cars and trying to boost their profiles globally, Chinese EV makers are now taking steps to go public as the virus pandemic and economic slowdown squeeze the market, boosting competition. Hozon New Energy Automobile Co has said it would list in Shanghai as soon as next year. WM Motor Technology Co is also weighing an initial stock sale in China as soon as this year, people familiar with the matter have said.
XPeng has delivered 18,741 of its first vehicle, the G3 SUV, through July 31, according to the company's filing. It started deliveries of its second model, the P7 sedan, in May, shipping 1,966 units by July 31, according to its filings. For the six months ended June 30, XPeng said it had a net loss of US$113 million on revenue of US$142 million.
The depositary shares will be worth two ordinary Class A shares. The company's voting power will be controlled by holders of Class B and Class C shares, which will carry 10 and five votes each, respectively. The offering is being led by Credit Suisse Group AG, JPMorgan Chase & Co and Bank of America Corp. The company is planning to list its shares on the New York Stock Exchange under the symbol XPEV.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
Source: News Formal (newsformal.com)
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