Xpeng Motors, a Guangzhou, China-based maker of connected automobiles, closed its US$400m Series C funding round.
Backers included corporate and individual investors, as well as renowned private equity firms including Xiaomi Corporation, a global leader in the technology and consumer electronics sector, and Mr. He Xiaopeng, Chairman and CEO of Xpeng Motors.
In addition to the latest equity raising, the company has also secures several billions of RMB-denominated unsecured credit lines from Chinese and international banks including China Merchants Bank, China CITIC Bank and HSBC.
Co-founded in 2014 by Henry Xia and He Tao, former senior executives at Guangzhou Auto with expertise in innovative automotive technology and R&D, Xpeng Motors is a Chinese electric vehicle company that designs and manufactures automobiles that are integrated with the Internet and utilize advances in artificial intelligence. It launched its first production model, the G3 SUV, in Dec 2018. Xpeng’s 2nd production model, the P7 four-door electric sedan, will be delivered to Chinese customers in Q2 2020.
The company is building its fully-owned intelligent factory in Zhaoqing, Guangdong Province.
Its backers are Chairman He Xiaopeng, Alibaba Group and IDG Capital. Xpeng Motors is headquartered in Guangzhou, China.