Electric carmaker Xpeng improves pricing for expanded US IPO

Chinese electric vehicle maker Xpeng could raise approximately $1.5bn from its US initial public offering after raising the price of its shares to $15.

According to Bloomberg, the price was higher than initial guidance for a price of $11 to $13 per share that the company provided a week before.

Alibaba-backed Xpeng will sell 99.7m American Depository Shares against the 85m initially expected for an expected market valuation of roughly $10.8bn.

The Chinese electric carmaker Xpeng sells G3 sport-utility vehicles and P7 sedans with intelligent functions.

Led by chief executive He Xiaopeng, it makes cars in two factories in China aiming to become a strong rival to Tesla.