QIA and Mubadala both invested $100 million each as part of that round. Xpeng's push for a New York IPO comes amid escalating tensions between the U.S. and China that have threatened Chinese firms listing on Wall Street. The IPO will give Xpeng another injection of cash as it faces tough competition in China from a number of players including Li Auto, which recently listed in the U.S., WM Motor and Nio. But the company also competes with Tesla, which has looked to boost its presence in China with a Shanghai factory.