Primavera Capital Portfolio Company Xpeng Motors Goes Public on NYSE
Xpeng Motors, a portfolio company of Primavera Capital Group, officially listed on the New York Stock Exchange under the ticker “XPEV” on the evening of 27 August 2020, Beijing time. Xpeng raised approximately USD 1.5 billion through an initial public offering, priced at USD 15 per share.
Founded in 2015, Xpeng is a leading Chinese smart electric vehicle designer and manufacturer, and a tech company which integrates cutting-edge Internet and AI technologies. It is committed to driving the transformation of smart EVs through data to shape the way people commute and travel in the future.
Xpeng has always been deeply committed to its in-house R&D programme, with its annual R&D expenses accounting for over half of its revenue. In the five years since its founding, Xpeng has set up its global presence with a sizeable, diversified and interdisciplinary in-house R&D team. As of June 30, 2020, the company has a total of 3,676 employees, 43% of which are R&D-related personnel. The core team of Xpeng comprises key talent from market-leading firms across a range of different industries including Mercedes-Benz, GAC, Alibaba, Tencent, JPMorgan Chase, Huawei and Xiaomi.
Xpeng Motors believes that smart vehicles – a combination of AI, internet and automotive manufacturing – are what will define the next automobile era. Smart electric vehicles driven by digitization and electrification represent the biggest differentiator of Xpeng. Primavera Capital Group, as the lead investor in Xpeng’s Series B+ round, also invested in its Series C round, a clear indication of the potential it saw in the company and its future performance.
Fred Hu, chairman of Primavera Capital Group and world-renowned economist, said, “Xpeng Motors is an important investment for Primavera Capital Group in the new energy vehicle sector. As Internet technology innovation and AI are reshaping the automobile industry, driving and travel experiences will never be the same as before. We look forward to partnering with Xpeng, and we believe the company has the potential to become the most prominent player in the electric vehicle industry. ”
Today, Xpeng has made great strides in its development. Founder Xiaopeng He expressed his deep gratitude to Primavera in his listing day speech, stating, “We want to thank Primavera Capital for its support with capital in the most difficult times.”