XPeng Inc. (XPEV): All You Need To Know About this EV Company
Xpeng Motors, where X stands for Xia, is a Chinese motor vehicle manufacturing company. The company was found in the year 2014 by their founders He Xiaopeng and Xia Heng. The company has its headquarters in the Guangzhou district of China and offices in California, United States of America. The company is also listed on the New York State Exchange. Both the founders were senior-level executives of the Chinese motor vehicle manufacturing firm GAC group before starting their own venture. The company primarily produces e-vehicles and has seen steady growth over the years.
Investors and Stakeholders
The initial promoters of the company were He Xiaopeng, along with the founder of Xiaomi, Lei Jun. There were many prominent investors who soon joined the company. Notable among them were IDG Capital, Foxconn and Alibaba. In 2018, the vice president of Alibaba, Joseph Tsai, also joined the board of directors of the company as they raised further investments.
The year 2019 saw Xpeng raise another $400 Million in investment, which led Xiaomi to officially get inducted into its board of directors.
In 2020, Xpeng has raised close to $900 Million in investment from strategic investors. Some such names include Coatue, Sequoia Capital China, Mudabala, Qatar Investment Authority, among others.
The company currently has 2 models of e-vehicles. They are the Xpeng G3, which is the SUV version and the Xpeng P7, which is a sedan variant. The G3 was launched in 2018 at the Consumer Electronics Show in the city of Las Vegas. In 2019, the company also launched a vehicle hiring service company in the city of Guangzhou.
Future of the Company
The market share of e-vehicles is expected to increase in the future. As the world continues to make a transition to clean and renewable sources of energy, electricity is expected to drive the change. With economies investing heavily in clean sources of generating electricity, e-vehicles are expected to be the commute of the future.
With major investors pooling money into the company and a robust team of directors from some of the best business houses across the globe, Xpeng is expected to increase its market share.
The company went public on the 27th of August 2020, whereby they raised close to $1.5 Billion. The share prices rallied close to 40% on the first day of trading, which shows the optimism regarding the company and its operations.