Exclusive | Prospect of beating Tesla in China lures top investment banker to leave his job for start-up
Brian Gu only met the co-founder of electric car firm Xiaopeng less than three years ago. But now he’s spearheading its hopes of challenging the global market leader
In early September 2015, a group of mainland China entrepreneurs and venture capitalists found themselves gathered on a ship headed for an expedition in Iceland.
Among them were Brian Gu, chairman of Asia-Pacific investment banking at JP Morgan Chase, and He Xiaopeng, the chairman of the fledgling internet-based electric car start-up, Xiaopeng Motors.
It was the first time they had met – but turn the clock forward less that three years to the present day, and the two have now joined forces, in an ambitious plan to transform He’s start-up, into a leading global player.
They even hope it will be capable of challenging the mighty Tesla, in what has now become the already massive, but ever-expanding, multibillion dollar electric vehicle (EV) sector, which is set to change the face of the car industry forever.
Xiaopeng Motors only sprang the surprise that Gu – considered one of Asia’s most senior bankers – was joining the firm as its vice-chairman and president, just over a month ago,
Also known as Xpeng Motors, the company was co-founded by He and his partner Henry Xia, in mid-2014. It was then just one of several dozen Chinese electric car start-ups to have emerged after Beijing launched preferential policies to encourage cleaner electric vehicles.
It had financial backing from Alibaba Group, and others including GGV Capital, Morningside Venture Capital and IDG.