Xpeng IPO: Another Tesla rival from China is climbing the American stock market

The Chinese electric-vehicle manufacturer Xpeng has raised $1.5 billion in its initial public offering today.

Shares were priced at $15 each, but opened at $23.10. The stock climbed to close to $25 and closed at $21.39.

The Alibaba-backed company joins white-hot EV stocks, such as China-based Li Auto, which raised an estimated $1.1 billion in its July 30 IPO, and Phoenix’s Nikola, which boasted a $12 billion IPO on June 4.

Xpeng’s ticker on the New York Stock Exchange is XPEV.

Founded in 2015, the company makes an SUV, called the G3, and a four-door sports sedan, the P7, with a price range of RMB150,000 to RMB300,000 (about $21,771 to $43,541), according to documents filed with the U.S. Securities and Exchange Commission. Xpeng had just under 3,700 employees in China and the United States, as of June 30.

“In order to optimize our customers’ mobility experience, we have strategically chosen to focus on developing full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems, including powertrain and the electrical and electronic architecture, or the [electrical/electronic] architecture, in-house,” the company wrote.

The stock debut comes as U.S.-listed Chinese firms face additional scrutiny from Congress. In the wake of an accounting scandal earlier this year that decimated shares of Luckin Coffee, lawmakers have called for the delisting of China-based companies that fail to meet more stringent audit requirements.