News Snapshot:
Electric vehicle startup Xpeng Motors raised USD 1.8 billion in a secondary listing on the Hong Kong Stock Exchange on Wednesday. Following the IPO, the company is sitting on around USD 6.4 billion in cash reserves, while competition in China’s EV sector intensifies. Xpeng Motor’s domestic EV rivals like Nio and Li Auto are also plotting secondary listings in Hong Kong, as automakers look to capitalize on Tesla’s recent struggles in the world’s largest car market. Meanwhile, Chinese tech giants are getting in on the EV craze, although they are starting from scratch. The preliminary cost for a company to...
