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Xpeng Motors raises nearly $500m

By Sun Chi | | Updated: 2020-07-20 14:50
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Xpeng's P7 model catches attentions at a dealership in Shanghai. [Photo provided to China Daily]

Xpeng Motors announced the conclusion of its C+ round fundraising on Monday, according to the

The electric vehicle maker is valued at up to $4 billion after the latest round of fundraising from major investors including Aspex, Coatue, Hillhouse Capital Group and Sequoia China.

In addition, Xpeng Motors acquired several billion yuan in unsecured credit from China Merchants Bank, China CITIC Bank HSBC and other banks from home and aboard.

The Guangzhou-based EV maker was jointly created in 2014 by UC's founder and former general manager for Alibaba's Mobile Business Group He Xiaopeng, YY's founder Li Xueling, Cheetah Mobile's CEO Fu Sheng and Tencent's senior executive Wu Xiaguang. The company has set up branches at Beijing, Zhaoqing and Silicon Valley for design, development, production and marketing.

Xpeng Motors has completed 10 rounds of fundraising from investors like Alibaba, IDG Capital, Morningside Venture Capital and CICC Capital since its founding.

The EV maker rolled out its first pure electric smart vehicle Xpeng G3 in December 2018 and the second model, Xpeng P7, in April 2020.

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