What You Need to Know About Xpeng, China's Latest Tesla Rival
Chinese electric-vehicle maker Xpeng (NYSE: XPEV) is now public. The aspiring Tesla (NASDAQ: TSLA) rival announced that it sold 100 million American depositary shares (ADSs) for $15 each, raising about $1.5 billion in an initial public offering that began trading on Aug. 27.
That was a better result than expected, suggesting that auto investors are still eager to snap up shares of electric-vehicle start-ups in the wake of huge gains by shareholders of Tesla and NIO (NYSE: NIO), among others.
Here's a look at Xpeng, its public offering, and how it fits into the white-hot electric-vehicle market in China.
Source Fool.com
