Xiaopeng Motors, a China-based smart electric vehicle developer backed by e-commerce firm Alibaba and contract manufacturer Foxconn, is planning to raise RMB17bn ($2.7bn) in funding this year, China Money Network reported today.
Founded in 2014, Xiaopeng has created an electric sports car dubbed G3 that was unveiled at the Consumer Electronics Show in January this year ahead of a planned commercial release in China later this year.
The G3 boasts a total of 25 sensors, a panoramic roof camera and a touchscreen as well as the ability to be controlled remotely and to park autonomously.
The funding will be used to drive business growth, particularly through the expansion of research and development and the company’s production centre, marketing and sales teams. It aims to grow its headcount from 700 to 3,000 by 2019.
Xiaopeng has already secured $348m in funding this year, in a January round co-led by Alibaba, Foxconn and venture capital group IDG Capital.
That round included Yunfeng Capital, China International Capital and Morningside Ventures as well as, according to Reuters, GGV Capital, Matrix Partners and private investor Yuri Milner.
The company closed a $324m series B round June 2017 led by chauffeured driving service UCar’s strategic investment fund. It followed an undisclosed amount of angel funding and $40m in series A capital from unnamed investors in 2016.