Guangzhou-based Xiaopeng Motors (Xpeng) announced today that it had scored CN¥4 billion (US$585 million) in its Series B+ funding round. This is the largest 2018 single-round funding total among Chinese Electric Vehicle startups (NIO, Byton, WM Motor, etc.), and pushes Xpeng’s valuation to CN¥25 billion (US$3.66 billion).
Xpeng President and CEO He Xiaopeng personally led the investment along with Primavera Capital Group and Morningside Venture Capital. Hillhouse Capital Group, Eastern Bell Venture Capital Management, and K11 Investments also participated in this round of investment.
Xpeng is one of many EV startups mirroring Tesla’s business model, positioning themselves as a “technology company and independent automaker” producing electric cars suitable for self-driving technologies.
This January Xpeng revealed its first production car G3 at CES. The vehicle has a Level 2.5 autonomous driving system and features 2 front-facing cameras, 2 side cameras, 4 panoramic cameras, 3 millimeter-wave radars, 12 ultrasonic radars and 2 intelligent cameras inside the spaceship-style cockpit. Xpeng opened G3 presales in April and plans to start delivery by the end of this year.
Author: Mos Zhang | Editor: Michael Sarazen