Xpeng, an electric vehicle startup has raised around $500 million in Series C funding to further develop intelligent vehicle technologies tailored to China’s consumers.
The investors leading the funding round include Aspex, Coatue, Hillhouse, and Sequoia Capital China. In November 2019, Xpeng had raised $400 million from Chinese smartphone maker Xiaomi and Xpeng founder He Xiaopeng, among others. With the funding, Xpeng has raised $900 million in less than a year.
Alibaba Group Holding and iPhone assembler Hon Hai Precision Industry were the early investors when Xpengt launched its first all-electric model, the G3 SUV, in 2018.
This month, Xpeng Motors started deliveries of its new P7 sedan also dubbed a “smart sedan”. P7 is seen as a strong competitor to Tesla’s Model 3, offering the same level of high-tech features and performance. The company plans to have about 200 showrooms in China by the end of this year.