China-based smart electric vehicle (EV) developer Xiaopeng Motors yesterday completed a $400m series C round that featured consumer electronics producer Xiaomi.
The round also included chairman and chief executive He Xiaopeng, as well as a range of unnamed new and existing strategic and institutional investors, and undisclosed private equity firms.
Founded in 2014 and also known as Xpeng, Xiaopeng is working on connected EVs that tap into artificial intelligence technology to offer features such as autonomous driving.
The company’s first production vehicle, the G3 SUV, was launched in December 2018 and Xiaopeng reached a milestone of 10,000 vehicles rolling off the production line in June this year.
Xiaomi made the investment as part of a strategic partnership. The corporate will offer its expertise and insights into consumer behaviour, technology know-how and market trends to drive Xiaopeng’s value.
In addition to the series C round, Xiaopeng also secured several billions of renminbi (RMB1bn = $142m) in unsecured loans from China Merchants Bank, China Citic Bank and HSBC.
Xiaopeng previously raised $585m in series B-plus funding in August 2018 co-led by Primavera Capital Group, Morningside Venture Capital and He Xiaopeng, with participation from Hillhouse Capital, Eastern Bell Venture Capital and K11 Investment.
E-commerce and internet group Alibaba and contract manufacturer Foxconn co-led a $348m series B round with IDG Capital in January 2018, with commitments from Morningside, Yunfeng Capital, China International Capital Corporation, GGV Capital, Matrix Partners and angel investor Yuri Milner.
Xiaopeng also revealed series A0, A1 and A2 rounds in December 2017, but has not disclosed any financial terms.
Alibaba and He Xiaopeng contributed to the series A0 round, while GGV, Morningside, IDG, Matrix, Shunwei Capital and Everbright Zhongying Capital participated in the series A1 round.
Kinzon Capital, an investment division of conglomerate Fosun, took part in the series A2 round alongside Lightspeed Venture Partners.
Xiaopeng collected $324m in a June 2017 round led by on-demand chauffeured travel service UCar, after securing $40m in series A funding from unspecified backers in 2016 and an undisclosed amount in an angel round backed by assorted individual investors.
– Image courtesy of Xiaopeng Motors
