Who needs Tesla? XPeng drives for $4.4b funding goal

Elon Musk's US unicorn is drawing the wrong kind of headlines, but China's electric car startups set a breakneck fundraising pace. While Nio heads for an IPO, one rival is setting lofty targets.

Few sectors illustrate the split between East and West more starkly than the electric car world.

In the United States, screaming headlines highlight Elon Musk's latest tweets, as he risks the wrath of regulators by revealing plans for a $70 billion privatisation neatly switching attention away from production woes on the new Model S.

In China the hype is all about the billions of dollars the country's carmakers hope to raise to fund their ambitions. One manufacturer, NIO, this week filed for a $1.8 billion US IPO.

As one side finds its engine overheating, the other is putting its foot to the...

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