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Chinese EV startup Xpeng Motors raises $400 million, takes on Xiaomi as strategic investor


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Chinese EV startup Xpeng Motors raises $400 million, takes on Xiaomi as strategic investor

Xpeng Motors, the Chinese electric vehicle startup backed by Alibaba and Foxconn, has raised a fresh injection of $400 million in capital and has taken on Xiaomi as a strategic investor, the company announced. The Series C includes an unidentified group of strategic and institutional investors. XPeng Motors Chairman and CEO He Xiaopeng, who also…

Chinese EV startup Xpeng Motors raises $400 million, takes on Xiaomi as strategic investor

Xpeng Motors, the Chinese electric car startup backed by Alibaba and Foxconn, has raised a fresh injection of $400 million in capital and has taken on Xiaomi as a strategic investor, the firm announced.

The Sequence C comprises an unidentified neighborhood of strategic and institutional patrons. XPeng Motors Chairman and CEO He Xiaopeng, who also participated in the Sequence C, acknowledged the got sturdy toughen from many of its mild shareholders. Xiaomi founder and CEO Lei Jun beforehand invested in the firm.

“Xiaomi Company and Xpeng Motors enjoy finished well-known growth through in-depth collaboration in developing technologies connecting tidy telephones and tidy autos,” Xiaomi’s Jun acknowledged in a commentary. “We judge that this strategic investment will further deepen our partnership with Xpeng in advancing innovation for clever hardware and the Web of Issues.”

The firm didn’t command what its submit-money valuation is now. Alternatively, a offer aware of the deal acknowledged it is “better” than the 25 billion yuan valuation it had in its closing spherical in August 2018.

The announcement confirms an earlier fable from Reuters that cited nameless sources.

XPeng also acknowledged it has garnered “several billions” in Chinese yuan of unsecured credit lines from institutions similar to China Retailers Bank, China CITIC Bank and HSBC. XPeng didn’t account for when asked what “several billions” procedure.

Brian Gu, Xpeng Motors Vice Chairman and President added that the firm has been ready to hit most of its alternate and financing targets no matter financial headwinds, uncertainties in the global markets and authorities policy changes that enjoy had explain influence on total auto sales in China.

The spherical comes as XPeng prepares to start its electric P7 sedan in spring 2020. Deliveries of the P7 are anticipated to originate up in the 2nd quarter of 2020.

Xpeng started deliveries of its first production model the G3 2019 SUV in December and shipped 10,000 models by mid-June. The firm has since released an enhanced model of the G3 with a 520 km NEDC utilizing fluctuate.

The firm plans to start the P7 sedan in the spring 2020 and can originate offer in 2Q 2020.

XPeng has acknowledged it wants to IPO, nonetheless it’s unclear when the firm could presumably well presumably file to remodel a public firm. No particular IPO timetable has been space and a spokesperson acknowledged the firm is monitoring market prerequisites carefully, nonetheless its mild focal point is on building core businesses.

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