Chinese Tesla rival Xpeng Motors files for New York IPO

Xpeng Motors latest electric car is called the P7.Xpeng MotorsChinese electric car start-up Xpeng Motors has filed for an initial public offering (IPO) on the New York Stock Exchange, according to an official filing. While the company did not disclose how many Class A ordinary shares it would sell, Xpeng Motors said it would sell 429,846,136 class B ordinary shares, according to the Securities and Exchange Commission (SEC) filing published Friday. It also said it plans to raise a placeholder amount of $100 million, a figure that will likely change.Each Class A ordinary share will be entitled to one vote…