Xiaopeng Motors, a China-based electric vehicle (EV) manufacturer backed by e-commerce firm Alibaba, contract manufacturer Foxconn and electronics producer Xiaomi, revealed today it has agreed about $500m in series C-plus financing.
The participants in the round include investment managers Aspex Management and Coatue, investment firm Hillhouse Capital and venture capital firm Sequoia Capital China.
Also known as Xpeng, Xiaopeng produces smart plug-in EVs equipped with artificial intelligence, autonomous driving and advanced internet technology.
The company released its first model, a sports utility vehicle, in late 2018 and followed it with a sport sedan in April this year. It received a production licence for its internally constructed manufacturing plant the following month.
The latest round comes in the wake of a $400m series C round in December 2019 that included Xiaomi, Xiaopeng chairman and CEO He Xiaopeng, and undisclosed new and existing investors.
Xiaopeng was valued at approximately $3.65bn in a $585m series B-plus round in August 2018 co-led by He Xiaopeng, Primavera Capital Group and Morningside Venture Capital that also featured Hillhouse Capital, Eastern Bell Venture Capital and K11 Investment.
Alibaba, Foxconn and VC group IDG Capital co-led a $348m series B round for Xiapoeng seven months earlier that was also backed by Morningside, Yunfeng Capital, China International Capital Corporation, GGV Capital, Matrix Partners and Yuri Milner.
On-demand ride provider UCar had led a $324m round for the company in 2017 following a reported $40m in series A funding. Its earlier investors also include Shunwei Capital, Everbright Zhongying Capital, Kinzon Capital and Lightspeed Venture Partners.
Photo courtesy of Guangzhou Xiaopeng Motors Technology Company Ltd.
