Photo credit: Xpeng Motors

Chinese electric car upstart Xpeng has filed to go public in the U.S., notably on the cusp of securing hundreds of millions of dollars in additional funding. Xpeng is looking to go public just five years after its founding and after having sold thousands of electric vehicles, including about 2,400 in July alone. Xpeng reported revenues of $328 million in 2019 and $522 million in losses in the same year. For the first six months of this year, the company brought in $142 million in sales and recorded losses of $113 million.

Currently, Xpeng sells two vehicles, the G3 SUV and the P7 sedan. The company plans to launch yet another by next year, according to its filing with the U.S. Securities and Exchanges Commission (SEC). Altogether, Xpeng has delivered 18,741 G3 vehicles and 1,966 P7 vehicles. The company’s sales network covers 147 stores and service centers across 52 cities in China.

Xpeng’s F-1 filing lists a placeholder amount of $100 million, a figure that’s likely to change. Investment banks Credit Suisse, J.P. Morgan, and BofA Securities are lead underwriters for the company’s public offering.