Chinese EV Maker Xpeng Raises $500 Million

China based electric vehicle manufacturer Xpeng Motors held its latest financing round on 20 July managing to raise a total of $500 million.

Among investors who participated in the financing round include Sequoia Capital China, Aspex, Hill House and Coatue. However, the company failed to disclose its valuation after the financing round.

It’s now six years since establishment of the EV maker, the company enjoys the backing of Chinese e-commerce giant Alibaba Group Holding (BABA). The company’s archrival Li Auto announced having filed for a United States initial public offering earlier in the month.

The company’s CEO He Xiaopeng, said currently they are producing two models of EV’s the P7 sedans and the G3 sport-utility vehicles. The P7 sedan is created with features for autonomous driving.

Xpeng is looking forward to use these funds in integrating the intelligence technology in their vehicles. Additionally, the company is aiming at having 200 showrooms across China by the end of the year.

In its previous financing round held November last year, the EV manufacturer raised $400 million from it.

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