News background:

Recently, Xpeng Motors officially landed on the New York Stock Exchange, with an opening price of US$23.1, an increase of 56% from the issue price. As of the close, Xpeng Motors' share price closed at US$21.22, a 41.47% increase from the issue price, with a market value of US$15 billion, which is equivalent to a market value of over 100 billion yuan. As a result, Xpeng Motors has officially become China’s third new car manufacturer to list in the United States and issue an IPO.

(All pictures in this article are from the Internet)

MiVo Garage Quick Review:

①: Xpeng’s US$15 listing closed at US$21.22, with a market value of over 100 billion, many Xpeng Motors will not fail when the big guys take sides: Compared with the cautiousness of the ideal listing time, Xpeng Motors has increased the issuance share price range from the original US$11 to US$13 to US$15. The latest valuation of Xpeng Motors for this IPO exceeds $10 billion. And in the end, the stock price surged by nearly 50%. It can be said that Xpeng achieved capital expansion and a market value of 100 billion yuan in just one day.

For Xiaopeng, in fact, there has always been huge capital support behind it. Including capital injections from Alibaba and Lei Jun Xiaomi, Xiaopeng has always been able to deal with financial risks and has sufficient confidence to invest in research and development. This also led Xpeng to declare that the financing from this IPO will be used for research and development and expansion of sales channels, as well as general corporate purposes including working capital needs. This is a change from the previous dilemma that Weilai and Ideal issued IPOs to "relieve urgent needs". Xiaopeng, who is not short of money, also has the support of big bosses, so Xiaopeng is completely out of the quagmire of new car manufacturing.

②: Tesla’s US$400 billion mark leads to a bright future. Autonomous driving + BaaS can help Xpeng go further: On the same day, Tesla’s stock price has soared to US$2,238.75. This means that in the entire field of autonomous driving and new energy, Tesla takes the lead, followed closely by China's NIO, Ideal, Xpeng and other new cars, which have been fully recognized by the capital market. And I believe that with the development of related technologies and the rise of Tesla, the market value of Weilai, Xpeng and others will continue to increase. The future is bright for this segment of new cars.

In fact, due to Chinese official statements, NIO and Xpeng, which have recently shined in BaaS, have also received a lot of capital attention. With the support of the BaaS battery swap model, not only will electric vehicles lower the entry threshold to a certain extent, but on the other hand, the issues of cruising range and difficulty in recharging will be solved to a certain extent. However, both Weilai and Xiaopeng are still in the exploratory stage in this regard. Once they reach scale in the next few years, it is not unexpected for their market value to double again.

③: Huge controversy will accompany Xpeng from beginning to end, but Xpeng must beware of financing bottlenecks for future development: Just last year, the battle over patent issues between Xpeng and Tesla became a matter of great concern to the industry events. In addition, for Xpeng, since its selling price system has always remained in the mainstream range of 150,000 to 250,000, it seems that Xpeng's futures technologies such as autonomous driving cannot support its selling price system. Moreover, based on the cognitive inference of China's traditional purchasing behavior, Xpeng's aggressive approach to Tesla may not be successful, and it can only stay at 150,000-200,000 yuan. Therefore, Xpeng’s path to success is not easy to predict.

In addition, after the IPO, He Xiaopeng himself will hold 27.8% of the shares and have 58.9% of the voting rights; Xia Heng will hold 4.3% of the shares and have 10.2% of the voting rights; directors and senior executives will hold ***. It holds 36.4% of the shares and 73.1% of the voting rights. Alibaba will hold 12.7% of the shares and have 14.9% of the voting rights. Basically, the main source of financing is still the "return" of domestic capital, which does not mean that overseas capital is really optimistic about Xpeng Motors. Xpeng, which will also release a B-class SUV and an MPV model in the future, must be careful about future financing difficulties.

Summary of MiVo Garage:

Xpeng’s successful listing was expected, and it is basically no surprise that it will at least double in size in the future. For Xpeng, a market value of 100 billion is just the recognition and expectation of the external market for China's new cars. It does not mean that Xpeng is really that stable. Perhaps what Xiaopeng should think about is how to replace the appearance design of the G3 model and how to reduce the cost of the P7 model. Otherwise, continuing to have negative gross profit margins will never satisfy the capital market. However, Xpeng's stock price has opened and moved so high. I advise you to buy it now. It will not be surprising if it rises to US$30 in the future.

This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.