Check your rear-view mirrors, Tesla (NASDAQ:TSLA) and NIO (NYSE:NIO) investors: There's another electric vehicle manufacturer getting ready to join the public markets. Last week, XPeng Motors filed paperwork with the SEC in preparation for an IPO on the New York Stock Exchange, where it will trade under the symbol "XPEV."
The company has stated that its goal is to "target the mid- to high-end segment in China's passenger vehicle market," making it a direct competitor to Tesla and NIO. News XPeng Motors' IPO plan comes just weeks after it announced that it had raised $500 million during a Series C+ financing round.
Unlike some electric vehicle start-ups such as Nikola (NASDAQ:NKLA), Fisker, and Lucid Motors, XPeng already has vehicles on the road. According to research from IHS, its G3 model was one of the three best-selling electric SUVs in China last year. In addition, the company commenced production of a four-door sports sedan, the P7, in May, and had delivered nearly 2,000 of them to customers as of July 31.
XPeng's autonomous driving system, XPILOT, is available on both the G3 and P7 models. The current version, XPILOT 2.5, provides adaptive cruise control, adaptive turning control, lane centering control, automated lane changing, and automated parking capabilities. The company plans to release XPILOT 3.0 in early 2021 -- an update that it says will add a "navigation guided pilot for highway driving and advanced automated parking."
In 2019, XPeng reported revenue of $329 million, a net loss of $523 million, and operating cash flow of negative $504 million.