Tesla rival Xpeng gets $1.8 bln in Hong Kong IPO

It's one of Tesla's main rivals in China.

Now electric vehicle maker Xpeng is set to raise $1.8 billion in a Hong Kong share sale.

That's according to Reuters sources.

There was no official comment from the company.

The deal saw Xpeng sell about 5% of its shares.

There is provision to sell more if demand is strong enough.

Tuesday (June 29) saw Xpeng's U.S.-traded shares close down nearly 1%.

The stock has doubled since its August 2020 debut, but is well down from its November peak.

Now the dual listing in Hong Kong will make it easier for Chinese investors to put money into the company.

Xpeng sells mainly in China, the world's biggest car market.

Besides Tesla, it competes with other local brands like Nio.

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