Chinese electric car manufacturer Xpeng has raised $2.16 billion from an upsized share sale.
According to a statement from the company, it recently sold 48 million American depositary shares at $45 a piece, representing a 7.6 per cent discount on its share price as at close on Tuesday, November 8. Auto News reports that the car manufacturer could raise as much as $2.48 billion if it chooses to exercise an over-allotment option to sell an additional 7.2 million shares.
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Xpeng raised $1.5 billion in its U.S. IPO in August, debuting at $15 per share. Like a number of other electric car manufacturers that went public this year, the company’s shares skyrocketed in price in the weeks after its IPO, reaching a $74.49 high on November 23.
In the months after going public, Xpeng has unveiled two interesting new vehicles. The first is a flying ‘car’ concept that was unveiled at the Beijing Auto Show back in September. Dubbed the Kiwigogo, it can carry two passengers and fly at an altitude between 5 meters (16.4 feet) and 25 meters (82 feet).
This flying concept resembles a large drone and features eight propellers and a capsule-like frame. It is being developed by Xpeng Heitech, a technology unit owned by Xpeng Motors founder and chief executive He Xiaopeng.
More recently, Xpeng unveiled the P7 Wing Limited Edition, a special variant of its all-electric sedan that’s been equipped with Lamborghini-style scissor doors.