Meizu shipped only 8 million units in 2018, ‘mainly due to lack of funds.’
The news comes as the Shanghai Stock Exchange began accepting IPO applications for its new tech board.
Xpeng Motors is priming for a public listing in New York where it could raise up to $1.1 billion from high-profile backers including Alibaba and Xiaomi.
Starting at $38,400, the sedan is designed to compete with Tesla’s Model 3.
Six-year-old Xpeng Motors now has a market capitalization of nearly $15 billion, nearing the size of a number of giant Chinese automakers.
Tesla requested access to Xpeng’s entire repository of autonomous-driving source code and clones of its executives’ hard drives.
The future for the $4 billion unicorn is uncertain amid concerns that it will be added to the US entity list.