E-commerce firm Alibaba and contract manufacturer Foxconn have co-led a RMB2.2bn ($348m) funding round for China-based smart electric vehicle developer Xiaopeng Motors, South China Morning Post reported today.
The corporates co-led the round with venture capital group IDG Capital, investing alongside Yunfeng Capital, the private equity firm co-founded by Alibaba chairman Jack Ma, as well as China International Capital Corporation and Morningside Ventures.
GGV Capital, Matrix Partners and entrepreneur Yuri Milner were also among the participants, according to Reuters, which cited a statement by Alibaba.
Also known as Xpeng, Xiaopeng is working o an all-electric sports utility vehicle called the G3. The company unveiled the car at the Consumer Electronics Show earlier this month and plans to commercially launch the vehicle later this year.
The G3 is equipped with a range of cameras and sensors as well as a 15.6-inch high-definition touchscreen, a self-parking mechanism and what Xiaopeng described as a high-frequency autonomous driving capability, though it has not yet revealed firm details of that technology.
Xiaopeng raised $324m in a June 2017 series B round led by the first investment from chauffeured driving service UCar’s strategic investment fund. Undisclosed investors had provided the company with $40m series A funding the year before.
He Xiaopeng, co-founder and chairman of Xiaopeng, said: “The funding round is a milestone for Xiaopeng.
“While financing may be vital to the survival and development of internet cars, game-changing factors depend on innovation, rapid execution and product managers with a customer-centric mindset.”
– Image courtesy of Xiaopeng.