Xpeng Motors, a Guangzhou China-based smart electric vehicle company, raised its Series C+ financing of around US$500m.
Backers included Aspex, Coatue, Hillhouse Capital and Sequoia Capital China.
The company intends to use the funds to continue to expand its business reach in China.
Co-founded by Heng XIA and Tao HE, both former senior executives of Guangzhou Automobile Group Co., Ltd., Xpeng Motors is a Smart EV company that designs, develops, manufactures and markets Smart EVs. The company has reached several milestones in 2020 to date, including launching its second Smart EV model, the P7 sports sedan – in April 2020, and securing the production license for its factory in Zhaoqing, Guangdong Province in May 2020.
Xpeng Motors has offices in Beijing, Shanghai, Silicon Valley and San Diego in the U.S. and manufacturing plants in Zhaoqing and Zhengzhou.