-
Tuesday, August 11, 2020
Home Technology Chinese EV startup Xpeng Motors takes on Xiaomi as strategic investor

Chinese EV startup Xpeng Motors 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 participated in the Series C, said the received strong support from many of its current shareholders. Xiaomi founder and CEO Lei Jun previously invested in the company.

“Xiaomi Corporation and Xpeng Motors have achieved significant progress through in-depth collaboration in developing technologies connecting smart phones and smart cars,” Xiaomi’s Jun said in a statement. “We believe that this strategic investment will further deepen our partnership with Xpeng in advancing innovation for intelligent hardware and the Internet of Things.”

The company didn’t disclose what its post-money valuation is now. However, a source familiar with the deal said it is “better” than the 25 billion yuan valuation it had in its last round in August 2018.

The announcement confirms an earlier report from Reuters that cited anonymous sources.

XPeng also said it has garnered “several billions” in Chinese yuan of unsecured credit lines from institutions such as China Merchants Bank, China CITIC Bank and HSBC. XPeng didn’t elaborate when asked what “several billions” means.

Brian Gu, Xpeng Motors Vice Chairman and President added that the company has been able to hit most of its business and financing targets despite economic headwinds, uncertainties in the global markets and government policy changes that have had direct impact on overall auto sales in China.

The round comes as XPeng prepares to launch its electric P7 sedan in spring 2020. Deliveries of the P7 are expected to begin in the second quarter of 2020.

Xpeng began deliveries of its first production model the G3 2019 SUV in December and shipped 10,000 models by mid-June. The company has since released an enhanced version of the G3 with a 520 km NEDC driving range.

The company plans to launch the P7 sedan in the spring 2020 and will start delivery in 2Q 2020.

XPeng has said it wants to IPO, but it’s unclear when the company might file to become a public company. No specific IPO timetable has been set and a spokesperson said the company is monitoring market conditions closely, but its current focus is on building core businesses.

 
P7 Sedan Xpeng Motors
Avatar
Chaitanya Kayandehttp://vyapaarJagat.com
Chaitanya is a weird combination of Engineering, Journalism and Poetry. Out of everything in the world, he loves chai (tea), monsoon, trekking, travelling and writing the most! Read and enjoy his raw and authentic writing 🙂

Stay Connected

5,728FansLike
249FollowersFollow
2FollowersFollow
13,989FollowersFollow
95FollowersFollow
0SubscribersSubscribe

Must Read

Why Exporter should avail the benefits under the Government Incentive Scheme

Government provides financial assistance to the exporters in the form of Government Incentive to help them secure market in the global market and to make Domestic Product competitive in the global market and these are the reason they should avail the benefits given by the Governments in the form of incentives. Export Incentives includes following –   Export SubsidiesDirect paymentsLow cost loansTax exemption etc. The...

Jerry Jones Biography: Success Story of Dallas Cowboys CEO

In this success post, we are going to share the story of Jerry Jones, the man who single handled enabled ‘Dallas Cowboys’...

LEGALWIZ.IN launches essential business agreements kit

Ready to Use Kit of Essential Legal DocumentsSubstantial Cost Benefit For StartupsCrafted by Experienced Lawyers Ahmedabad, India, July 30,...

Determination is a Journey to the Destination

A journey to the destination depends on your determination. To be more defined, we would like to share the experience and about...

Related News

Why Exporter should avail the benefits under the Government Incentive Scheme

Government provides financial assistance to the exporters in the form of Government Incentive to help them secure market in the global market and to make Domestic Product competitive in the global market and these are the reason they should avail the benefits given by the Governments in the form of incentives. Export Incentives includes following –   Export SubsidiesDirect paymentsLow cost loansTax exemption etc. The...

Jerry Jones Biography: Success Story of Dallas Cowboys CEO

In this success post, we are going to share the story of Jerry Jones, the man who single handled enabled ‘Dallas Cowboys’...

LEGALWIZ.IN launches essential business agreements kit

Ready to Use Kit of Essential Legal DocumentsSubstantial Cost Benefit For StartupsCrafted by Experienced Lawyers Ahmedabad, India, July 30,...

Determination is a Journey to the Destination

A journey to the destination depends on your determination. To be more defined, we would like to share the experience and about...

George Soros Biography: Success Story of Qualcomm Fund CEO

In this success post we are going to share the story of George Soros, the astute businessman who founded the highly profitable...

Language »
×

Hello!

Click one of our representatives below to chat on WhatsApp or send us an email to [email protected]

×