(Adds background on Xpeng)
BEIJING, June 23 (Reuters) - The listing committee of Hong Kong Stock Exchange has approved Chinese electric vehicle maker Xpeng Inc for a dual primary listing in the Asian financial hub, a source with direct knowledge of the matter told Reuters.
Reuters reported Xpeng's Hong Kong listing plan in March, citing people familiar with the matter. Xpeng is listed in New York.
A dual primary listing will allow qualified Chinese investors to invest in the company through the Stock Connect regime, according to the exchange's rules.
Xpeng, which has a market capitalisation of $32 billion and is based in the southern city of Guangzhou, makes two sedan models and one sport-utility vehicle model at two domestic factories.
It sells mainly in China, where it competes with Tesla Inc and Nio Inc.
Xpeng is developing smart car technologies, such as autonomous driving functions, with an in-house team of engineers and plans two new car plants in China.
(Reporting by Yilei Sun and Tony Munroe; Editing by Clarence Fernandez)