XPENG Motors, a Chinese electric vehicle manufacturer, raised an RMB 2.2 billion Series B capital funding.
Backers in the round – which will bring the total raised to over RMB 5 billion – include Alibaba Group, Foxconn, IDG Capital, Yunfeng Capital, China International Capital Corporation Limited, GGV Capital, Morningside Venture Capital, and Matrix Partners as well as individual investors Yuri Milner.
In December 2017, XPENG Motors announced the close of its Series A0, A1, and A2 rounds of A+ funding.
The money raised:
– in Series A0 came from Alibaba Group and He Xiaopeng himself;
– in Series A1 came from GGV Capital, Morningside Venture Capital, IDG capital, Matrix Partners China, and jointly from Shunwei Capital and Guangkong Zhongying Capital; and
– in round A2 came from Xin Ding Capital, Kinzon Capital, and Lightspeed Venture Partners.
In May 2017, the company received an investment of RMB 2.2 billion, led by Ucar Capital, a fund established by Ucar Inc. In addition, individual investors, the Series A+ fundraising included Yao Jinbo, founder and CEO of classified information platform 58.com; Zhang Tao, founder of the restaurant review platform Dianping.com; and Dai Kebin, founder and CEO of the job-hunting website liepin.com.
XEPNG Motors is an electric vehicle manufacturer whose offerings include new cars, ranging from the Beta model and production model (1.0) to XPENG Motors G3 (2.0), an all-electric SUV (set to be on sale in 2018).
In July 2017, the company has been granted product qualification by the Ministry of Industry and Information Technology.
XEPNG Motors is headquartered in Guangzhou, with the design, R&D, manufacturing, and marketing departments in four locations in Beijing, Zhaoqing (in Guangdong Province), and Silicon Valley (United States). It has nearly 1,000 employees with plans to rise to 3,000 in 2019. The XPENG Motors Intelligent Internet-connected Science and Technology Park, with an area of 3,000 mu (200 hectares) and an investment of RMB 10 billion (Zhaoqing Base), officially got underway on December 11, 2017.
XPENG Motors was invested jointly by a number of Internet tycoons that includes:
– He Xiaopeng, co-founder of mobile Internet browser UC and former President of the mobile business group of Internet giant Alibaba;
– Li Xueling, founder of video-based social network YY;
– Gao Xiang, Founding Partner of Banyan Capital; and
– Wu Xiaoguang, a high-ranking management executive of Internet giant Tencent, in 2014, and
– Xia Heng, former chief of new energy control system R&D of Guangzhou Automobile Group Motor Co., Ltd. (GAC) and
– He Tao, chief of the intelligent car and automatic drive division of GAC.