The Alibaba, Xiaomi, Foxconn, UCar and Duowan-backed smart electric carmaker has floated in the US through an offering valuing it in excess of $21bn.

Xpeng, the China-based electric vehicle (EV) manufacturer backed by corporates Alibaba, UCar, Xiaomi, Duowan and Foxconn, is going public today in an initial public offering sized at approximately $1.5bn. The IPO consists of 99.7 million American Depositary Shares (ADSs), each equating to two common shares, that are being issued on the New York Stock Exchange…

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