BEIJING / HONG KONG, July 20 (Reuters) – Chinese electric vehicle (EV) maker Xpeng Motors, backed by Alibaba Group Holding Ltd, said on Monday that it has raised around $ 500 million in the latest round of financing.
As enthusiasm for more climate-friendly vehicles grows, the share prices of electric vehicle manufacturers, including Tesla Inc and Nio Inc, have increased in recent months, and automakers are seeking funds in the markets.
Xpeng’s rival Li Auto earlier this month filed for an initial public offering in the United States.
Investors in Xpeng’s C + financing round include Aspex, Coatue, Hillhouse and Sequoia Capital China, Xpeng said in a statement. He did not disclose the company’s six-year valuation.
Xpeng, led by CEO He Xiaopeng, is manufacturing G3 sport utility vehicles and P7 sedans with autonomous driving capabilities at two Chinese plants.
The funding will allow Xpeng to further develop smart vehicle technologies. It also plans to have around 200 showrooms in China by the end of this year.
Last November, Xpeng raised $ 400 million from investors, including Xiaomi Corp. Sources told Reuters at the time that investors valued the company at nearly $ 4 billion. (Report by Yilei Sun in Beijing and Julie Zhu in Hong Kong; Barbara Lewis edition)
