Tesla's Chinese rival, Alibaba-backed EV maker Xpeng Motors plans to raise $1.28 billion in an IPO on the New York Stock Exchange, priced above the initial range, according to IFR.

Xpeng plans to issue 85 million American Depositary Shares (ADSs) at $15 per share, valuing the company at about $11 billion, the report said, citing people briefed on the matter. Its initial price range was $11-$13 per ADS.

It has an over-allotment option ratio of 15%. Shares will trade in the US on Thursday.

On August 8, Xpeng filed an IPO with the SEC under the symbol "XPEV" with underwriters including Banc of America Securities, Credit Suisse and JPMorgan Chase.

Prior to the IPO, Xpeng completed a $947 million C+ and C++ round of financing led by Alibaba, HillHouse capital and Sequoia China. Xpeng is expected to hold total cash assets of over RMB 8.5 billion.

Xpeng's management currently holds a 40.9% stake in the company, with its largest shareholder, Chairman He Xiaopeng, holding 31.6%.

Alibaba is the largest institutional shareholder with a 14.4% stake. Other major shareholders include Xiaomi, GGV Capital, and Morningside Venture Capital.