Saturday 16 November 2019
Xpeng Motors announces US$400 million Series C capital funding
Chinese electric vehicle manufacturer XPeng, backed by Alibaba Group, has raised nearly $400 million from investors including consumer electronics giant Xiaomi Corp. to fund its growth.
The proceeds will be mainly used for r&d of autonomous driving-related software, mass production of its G3 SUV model and P7 sedan, branding and expanding its retail network.
With Xiaomi, XPeng will explore more applications of smart phone technologies on intelligent connected vehicles, said one of the sources.