At the event, He Xiaopeng, Chairman and CEO of Xpeng Automobile, said: "In the past six years, we have done a bold thing, and we have always believed that smart cars are the future. Today, Xpeng Motors has entered a new stage. After this step, we will have more food, more trust and more support to meet the real arrival of the smart car era. "
The stock code of Xpeng Motors is "XPEV" and the issue price is $65,438 +05 /ADS. A total of 99.73 million American Depositary Shares (ADS) were issued with a pre-market value of105.75 million USD. At the same time, Xpeng Motors also granted underwriters a 30-day option, allowing them to buy up to 65,438+04,959,999 American Depositary Shares.
In addition, according to the usual closing conditions, it is expected to be issued and delivered on August 3 1 day.
Optimistic about the capital market, is it possible for Tucki to become the "richest" new force?
As the third new car-making force in China to land in the US stock market, Xpeng Motors has been warmly welcomed by investors.
Youzu (ID: carcaijing) learned that the opening price of Xpeng Motors was $23.65438 +0, which was 56% higher than the issue price. At the close, the share price of Xpeng Motors closed at $265,438 +0.22, up $465,438 +0.47% compared with the issue price, with a market value of $654,380+50 million. In fact, Xpeng Motors originally planned to issue 85 million ADSs at the price of $65,438 +0.5 yuan per share, and the corresponding financing scale was $65,438+28 million yuan. However, due to the higher-than-expected market demand, the issuance scale increased to about 99.73 million shares, and about 6.5438+0.473 million shares were issued. This means that the total amount of funds raised by Tucki through this offering is about $654.38+05 billion.
Compared with Weilai Automobile and Li, Xpeng Motors has become the largest automobile enterprise among the new forces in China, and its issue price of $65,438+05 per share is much higher than that of $2065,438+08 of Weilai Automobile and $65,438+065,438+0.5 of Li's IPO in July this year.
Continued strong subscription momentum may make Xpeng Motors become the new car-making force with the most abundant cash.
According to the F- 1 prospectus updated by Xpeng Motors, by the second quarter of 2020, Xpeng Motors will have cash assets of 265,438+/kloc-0.83 billion yuan. Before the IPO, Xpeng Motors is expected to hold cash assets totaling more than 8.5 billion yuan; In addition, in July and August this year, Xpeng Motors also received more than 900 million US dollars in financing; In contrast, as of the first half of this year, the total amount of cash and cash equivalents, restricted cash and short-term investments held by Weilai Automobile was11200 million yuan; According to Li's performance report in the first quarter, cash and cash equivalents, restricted cash and short-term investments amounted to RMB 3,465,438+0 billion.
At the same time, according to the updated F- 1 prospectus of Xpeng Motors, Xpeng Motors not only received the blessing of 400 million US dollars from existing shareholders such as Alibaba, Xiaomi, Coatue and Qatar Sovereign Fund. Even PRIMECAP, the existing shareholder of Tesla, will prepare to subscribe for $654.38 billion at IPO price.
Undeniably, abundant cash in the account guarantees the future development of Xpeng Motors to a certain extent.
It is understood that Xpeng will launch two brand-new models in 20021and 2022, a brand-new B-class SUV model in 20021and a brand-new MPV model in 2022.
1000 billion market value has to pass two hurdles.
Tesla's market value has exceeded $400 billion, and many analysts believe that Tesla's share price still has room to rise.
In this regard, Shan Bin, chairman of Oriental Harbor, publicly stated: "I personally think that (Tesla) may become the largest company in the world. Once the driverless function is realized, it will be similar to a smart phone and change human beings. He has become a company like Microsoft. From selling hardware to selling software, he wants to be the largest content sharing company in the world ... These two points are light assets and high profit business models, so it is no longer selling cars, it is mobile. "
It is not difficult to see that the attributes of technology companies and the self-research ability of enterprises have become the key to maintaining the vitality of new forces in car making.
Because of this, at the event site, Gu, vice chairman and president of Xpeng Motors, said that the goal of Xpeng Motors is to become a company with a market value of 1000 billion US dollars.
With the increasingly fierce competition of smart electric vehicles, sufficient capital reserves often represent confidence in technology research and development. Only software self-research and core hardware self-research can realize rapid iteration and bring customers a constantly updated experience.
All the software and core hardware in Xpeng motor are independently developed, which is the core differentiation of Xpeng motor.
At present, Xpeng Motors has independently developed full-stack autopilot technology and intelligent voice vehicle operating system, as well as core vehicle systems including power system and electronic and electrical architecture.
According to the prospectus of Xpeng Motors, its R&D expenses in 20 18, 20 19 and the first half of 2020 are105120,000 yuan, 2,070.2 million yuan and 630.6 million yuan respectively. It accounts for 89.2% and 62.9% of the total income in 20 19 and the first half of 2020.
In other words, although the net loss of Xpeng Motors in 20 19 was 3.692 billion yuan, it still insisted on investing 2 billion yuan in research and development.
As of June 30th this year, Xpeng Motors * * * has 3,676 employees, with R&D personnel accounting for 42.7%, most of whom mainly study autonomous driving and intelligent operating systems.
As an investor who has participated in the B and C+ rounds of Xpeng, Huang Liming, a partner of Gao Yan Capital, said: Gao Yan believes in the logic of new energy vehicles and highly recognizes Tucki's strong ability in product iteration, talent management and organizational evolution. "We are very concerned about the entire new energy industry and believe that the rise of these new automakers will bring structural opportunities to the automotive industry."
At the same time, as another investment institution of Xpeng Motors, Sequoia China expressed its interest in smart electric vehicles (Smart? EV) The long-term development space in China and even the whole world, I believe that people will have a brand-new experience in the mobile space where they travel in the future.
In Sequoia China's view, smart? EV not only gives car owners better travel tools, but also gives users a better mobile experience. This is the ultimate mission of new car-making forces such as Tucki and Xpeng Motors. Sequoia China appreciates and recognizes this, and will strongly support the company's continuous iterative innovation in this direction.
In fact, the listing of new car-making forces is conducive to the withdrawal of capital invested in the early stage, and at the same time, it can open up new financing channels and ease the financial pressure. However, IPO is only the first step of the "Long March", and the real breakthrough depends on the market performance of its subsequent electrified products.
"After Xpeng Motors goes public, its share price will depend on the situation of P7." Earlier, automotive industry analyst Tian said in an interview: "Its development trend will be very similar to Weilai Automobile and Li. The early concept stocks have just been listed, and the market value will rise. Then, due to the impact of delivery volume and product quality (such as broken shaft and spontaneous combustion), the stock price will fluctuate. After the previous honeymoon period, the share price of Xpeng Motors will return to a more rational valuation level, just like the current Weilai Automobile. "
As of July 3 1 day, Xpeng Motors * * * delivered 1874 1 G3? Off-road vehicle. The company began to deliver the second model P7 in May, and delivered 1966 vehicles on July 3. (Editor/Yang Peiqian)
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.