Chinese Tesla rival Xpeng files for $100 million IPO in the US

Alibaba-backed Chinese electric vehicle startup Xpeng Motors has filed for an initial public offering (IPO) in the US, right behind Chinese carmaker Li Auto which raised $1.1 billion last month. In a filing, the Tesla rival listed the size of the offering as $100 million, but this can be increased later. In its latest funding round, Xpeng raised $900 million.