EV startup Xiaopeng raises additional funding

Xiaopeng Motors has finished a round of financing with 4 billion Yuan (587 million dollars) in funding. The first vehicle model by the manufacturer is scheduled to hit the market this year.

In total, Xiaopeng has managed to collect more than 10 billion Yuan from investors so far. In winter, Foxconn and Alibaba joined the investor group as well. This time the new faces included Primavera Capital, Morningside Venture Capital and the head of the company itself, He Xiaopeng. The company had indicated plans to generate a total of 2.7 billion dollars over the course of the year. Xiaopeng was recently rated as valued over 25 billion Yuan.

So much to financial background: the production plans are as follows. The electric crossover G3 will hit the market this year. This is in all likeliness the Xpeng introduced as a concept last year. The development of the BEV was heavily based on freely available Tesla patents. The electric vehicle has a range of 300 km and will cost around 40,800 euro.

Furthermore, Xiaopeng has announced plans to open 150 fast charging stations in China, as well as opening multiple stores in the larger cities in China.

reuters.com, scmp.com


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