Xpeng Is Said to Hire Banks for Flying Car Unit IPO in Hong Kong

Xpeng Inc. has hired banks to work on an initial public offering of its flying car unit in Hong Kong, according to people familiar with the matter.

The Chinese electric-vehicle maker picked JPMorgan Chase & Co. and Morgan Stanley to prepare for a listing of Xpeng Aeroht, the people said, asking not to be identified because the information is private. It has filed confidentially for a share sale that may take place as soon as this year, the people said.

Deliberations are ongoing and the IPO plan may change, the people said.

An Xpeng Aeroht modular flying vehicle.

Photographer: Qilai Shen/Bloomberg

Representatives for Xpeng, JPMorgan and Morgan ...