Xpeng Raises $400 Million In Series C Capital Funding Round11/17/2019
Xpeng Motors attracts new investors and looks into the future with optimism
Xpeng Motors, one of the few most well-known all-electric Chinese start-ups this month secured $400 million Series C capital funding, which is quite an achievement considering the challenging situations in the automotive market (also in New Energy Vehicle segment) at the moment.
The group of strategic and institutional investors was joined by Xiaomi Corporation, best-known for smartphones/consumer electronics, which brings confidence in future growth.
“In addition to the latest equity raising, Xpeng Motors has also successfully diversified its funding sources by securing several billions of RMB-denominated credit lines from leading Chinese and international banks including China Merchants Bank, China CITIC Bank and HSBC, a powerful testament to the company’s solid business model and its long-term growth prospects.”
Xpeng Motors currently offers a single model, the Xpeng G3 all-electric SUV, while the new Xpeng P7 coupe is coming in Spring 2020.
Mr. He Xiaopeng, Chairman and CEO of Xpeng Motors, who also participated in the Series C round said:
“The signing of the new fundraising, which not only attracted new strategic investors such as Xiaomi Corporation but also received strong support from many of our current shareholders, is a renewed endorsement of our long-term strategy, execution capability and prudent business model,”
Mr. Lei Jun, CEO of Xiaomi Corporation, commented on the strategic investment that:
“Xiaomi Corporation and Xpeng Motors have achieved significant progress through in-depth collaboration in developing technologies connecting smart phones and smart cars. We believe that this strategic investment will further deepen our partnership with Xpeng in advancing innovation for intelligent hardware and the Internet of Things.”
Source: Read Full Article