Alibaba and Foxconn lead investment in Xiaopeng
Competition is running hot in China to make it in the new energy vehicle market. The latest round of financing for EV start-up Xpeng resulted in 2.2 billion yuan (350m euros) in funding. Alibaba and Foxconn spent the most.
Electric carmaker Xiaopeng Motors, or Xpeng, has again convinced investors such as Alibaba and Foxconn. They have led a 350 million euro round of investment.
For the Amazon of China, Alibaba, it is not the first stake it takes in the young EV maker. Just recently Alibaba acquired a 10 percent share in XPeng and also entered collaborations with Ford and BMW (we reported).
This latest cash injection brings the startup’s total funding to 5 billion yuan, Xpeng said in a statement.
Xiaopeng debuted its first model, the electric SUV Identity X at CES in Las Vegas this month. With production only having to take off, XPeng aims to make 20,000 units in 2018 (we reported).
The company had the trust of investors early on, when UCAR, the Chinese equivalent to Uber, invested 2.2bn Yuan in Xpeng Motors alone (we reported).
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