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Xpeng raises US$400m
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Xpeng Motors, an electric car startup based in Guangzhou, Guangdong Province, announced yesterday the completion of Series C capital fundraising of US$400 million from investors including Chinese smartphone-maker Xiaomi.
With the funds, Xpeng Motors aims to further develop its models and gain market share in China鈥檚 new-energy vehicle market. He Xiaopeng, chairman and chief executive officer of Xpeng Motors, said that 鈥渢he Series C capital funding introduced new strategic investors such as Xiaomi and also got support from our existing shareholders.鈥 Lei Jun, Xiaomi chairman and chief executive, said that Xiaomi and Xpeng Motors have conducted in-depth cooperation and achieved results with technologies linking smartphones and smart cars.
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