Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Sina Weibo to Issue $750 Million in Bonds
Embattled Leshi Forced to Sell Smart TV, Livestreaming Trademarks and Swiss Cleaning Carmaker Launch Driverless Street Sweeper
Trending in China: How an ‘Old Godmother’ Took on China’s Internet Giant and Won
China’s IT Spending Expected to Hit $297 Billion: IDC
TikTok Moves Data Protection of European Users from U.S. to U.K. and Ireland
Trending in China: Dazed and Confused – China’s Elderly in Online Pandemic World
Alibaba-Owned Taobao Live Sacks Former Operating Head for Corruption
Tesla Supplier CATL Breaks Ground With New Battery Lab
Chinese Online Educator Zuoyebang Receives $750 Million Investment
Didi to Halt Service in Several Japanese Prefectures Citing Impact of Covid-19
Trending in China: ‘Robotaxis’ A Brave New World or Creating More Unemployment?
Lazada Appoints Former Alibaba Executive as New CEO
Tesla Wannabe Xpeng Preparing for U.S. IPO: Report

By Ding Yi / Jun 03, 2020 04:48 PM / Finance

Photo: VCG

Photo: VCG

From testing autonomous vehicles in the U.S. to building an independent plant in China, Guangzhou-based Xpeng may be about to make another big move.

The six-year-old electric carmaker, often described as a Tesla wannabe, is making preparations for an initial public offering (IPO) in the U.S., where it has gained the green light to perform closed-loop self-driving tests for its long-range P7 sedan, according to the South China Morning Post, citing a source close to the matter.

The report, which did not provide details about how much money Xpeng plans to raise, comes as China’s cash-strapped electric vehicle startups are desperately seeking fresh capital to bankroll their expansion as sales of new energy cars in the country are taking a hit partly due to government subsidy cuts.

An Xpeng representative declined to comment on the report when approached on Wednesday.

In May, Xpeng surprised industry peers when it received a production license from the Ministry of Industry and Information Technology (MIIT) for its new wholly owned factory in the southern Chinese city of Zhaoqing, where it will independently build its electric cars including the newly launched P7 electric sports sedan.

Xpeng’s last funding round took place in November, when it raised $400 million from investors including electronics giant Xiaomi, which is accelerating its push to connect its Internet of Things (IoT)-driven services to smart battery-powered cars. Xpeng is also backed by Alibaba.

Contact reporter Ding Yi (

Related: Xpeng Wins License to Produce Its Own Long-Range P7 Electric Cars

Share this article
Open WeChat and scan the QR code