Tesla Rival Xpeng Hires Morgan Stanley, JPMorgan To Prepare Hong Kong Listing For Aeroht: Report

Xpeng Inc. (NYSE:XPEV) has reportedly hired banks to help set up the automaker’s flying car unit, Aeroht’s Hong Kong public listing.

The Chinese automaker has sought the services of Morgan Stanley, as well as JPMorgan & Chase Co., to prepare for the possible IPO, Bloomberg reported on Monday, citing anonymous sources familiar with the matter.

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Xpeng, JPMorgan and Morgan Stanley didn’t immediately respond to Benzinga‘s request for comment.

The report also suggested that the IPO plan may change, with sources also suggesting that banks were invited last year to outline their pitches for an IPO in Hong Kong or the U.S.

The news comes as Xpeng CEO He Xiaopeng touted the company’s ambitions to expand on its Robotaxi and Humanoid Robot exploits. The CEO also shared that the company should not be limited to being just an automaker, but also be recognized for its “physical AI.”

He also confirmed that Xpeng’s Robotaxi service would be going into the trial phase soon. Xpeng will offer its Robotaxi service in 2026 through the Chinese tech giant Alibaba Group Holding Limited’s (NYSE:BABA) Amap mapping platform.

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Meanwhile, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk recently teased the demo of the automaker’s Roadster, which would be focused more on performance. Musk also hinted at the Roadster’s possible hovering capabilities as a patent filing suggests the car would have an active aero system that could make it hover for a few moments.

Elsewhere, Transportation Secretary Sean Duffy has touted air taxis as the next major development in mobility, positioning the sector as a catalyst for putting the U.S. ahead of China in the aviation industry.

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