BUSINESS Xpeng Motors reportedly gets new $300 million round of fundraising

BUSINESS

Xpeng Motors reportedly gets new $300 million round of fundraising

China Daily

11:17, August 04, 2020

Guangzhou-based XPeng shows its G3 model at the Shanghai auto show. (Photo: China Daily)

Chinese electric vehicle startup Xpeng Motors reportedly secured investments during the latest round of fundraising from major global players including Alibaba and the Qatar Investment Authority on Monday.

The new round of financing, worth $300 million, comes just after the startup announced the signing of its Series C+ financing of around $500 million on July 20 with a group of investors including Aspex, Coatue, Hillhouse Capital Group and Sequoia China.

With the triumphant news continuing to pour in about its fundraising, Xpeng is thought to be accelerating its Initial Public Offering in the United States, auto portal Gasgoo reported.

It is reported that Xpeng Motors will launch an IPO worth at least $700 million in the US as soon as August. If the IPO succeeds, Xpeng will become the third Chinese electric vehicle startup to be listed in the US, following Nio and Li Auto, or the CHJ Automotive.

To date, Xpeng Motors has launched two production models — the G3 and the P7.

The P7, an electric sports sedan that hit the market in April, can run up to 706 kilometers on one charge. 1,641 new P7 models were delivered in July, realizing the automaker's commitment to achieving nationwide large-scale delivery as scheduled.

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