Xpeng Motors Announces ~US$500mn Series C+ Financing
GUANGZHOU, China--(BUSINESS WIRE)--Jul 20, 2020--
Xpeng Motors (the “Company”), a leading smart electric vehicle (“Smart EV”) company in China, today announced the signing of its Series C+ financing of around US$500 million with a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China.
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Xpeng P7 smart EV sports sedan. (Photo: Business Wire)
The signing of the Series C+ financing demonstrates investors’ confidence in the Company’s strategy, market positioning and its long-term vision as a leading Smart EV player in China.
The Series C+ financing further enhances the Company’s commitment to serving the large and growing base of technology-savvy middle-class consumers in China by providing Smart EV experiences empowered by advanced technology.
Xpeng Motors has reached several milestones in 2020 to date, despite the impacts of Covid-19, including launching its second Smart EV model, the P7 sports sedan - in April 2020, and securing the production license for its self-built fully-owned factory in Zhaoqing, Guangdong Province in May 2020.
The Company announced its Series C funding round of US$400 million in November 2019.
About Xpeng Motors
Xpeng Motors is a leading Chinese Smart EV company that designs, develops, manufactures and markets Smart EVs. The Company's initial backers include its Chairman and Chief Executive Officer, Xiaopeng HE, who also served as the co-founder of UCWeb Inc. and a former executive of Alibaba Group. Established in 2015, Xpeng Motors has a senior management team with diverse backgrounds, including its Co-founders, Heng XIA and Tao HE, both former senior executives of Guangzhou Automobile Group Co., Ltd. with expertise in innovative automotive technology and R&D, and its Vice Chairman and President, Brian GU, former Chairman of J.P. Morgan Chase Asia Pacific Investment Bank. It has received funding from Alibaba Group, Xiaomi Corporation and other prominent institutional investors including IDG Capital, Morningside Venture Capital, GGV Capital and Primavera Capital. The Company launched its first Smart EV model, the G3 SUV, in December 2018, and its second Smart EV model, the P7 sports sedan, in April 2020. Xpeng Motors is headquartered in Guangzhou, China with offices in Beijing, Shanghai, Silicon Valley and San Diego in the U.S. and manufacturing plants in Zhaoqing and Zhengzhou. For more information, please visit the official website: https://en.xiaopeng.com/
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KEYWORD: CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC
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SOURCE: Xpeng Motors
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PUB: 07/20/2020 12:46 AM/DISC: 07/20/2020 12:46 AM