Xpeng Motors recently raised Series C capital funding of US$400 million from a group of strategic and institutional investors. According to the company, corporate and individual investors, as well as renowned private equity firms participated in the funding. The company announced that Xiaomi Corporation, a technology and consumer electronics company will also join as a strategy investor.
For the unfamiliar, Xpeng Motors is a Chinese electric vehicle company that designs and manufactures automobiles that are seamlessly integrated with the Internet and utilize the latest advances in artificial intelligence. The company’s initial backers include its Chairman He Xiaopeng, the founder of UCWeb Inc. and a former Alibaba executive.
Xpeng was co-founded in 2014 by Henry Xia and He Tao, former senior executives at Guangzhou Auto with expertise in innovative automotive technology and R&D. It has received funding from prominent Chinese and international investors including Alibaba Group and IDG Capital. The company launched its first production model, the G3 SUV, in Dec 2018.
Xpeng’s 2nd production model, the P7 four-door electric sedan, premiered at the Auto Shanghai show in April 2019, and will be delivered to Chinese customers in Q2 2020. The company is building its fully-owned intelligent factory in Zhaoqing, Guangdong Province.
Source: Press Release