EV maker Xpeng raises $500 million

BEIJING/HONG KONG — Chinese language electrical automobile producer Xpeng Motors, backed by Alibaba Group Holding Ltd, stated Monday it has raised round $500 million in its newest funding spherical.

As enthusiasm builds for extra climate-friendly automobiles, shares of EV makers, together with Tesla Inc. and Nio Inc., have surged in current months and auto makers need to the markets for funds.

Li Auto, Xpeng’s rival, filed for a U.S. preliminary public providing earlier this month.

Buyers in Xpeng’s newest funding spherical embody Aspex, Coatue, Hillhouse and Sequoia Capital China, six-year-old Xpeng stated in an announcement, with out disclosing the corporate’s valuation.

Final November, the EV maker raised $400 million from traders together with Xiaomi Corp. Sources advised Reuters on the time that traders valued the corporate at almost $four billion.

Xpeng, led by CEO He Xiaopeng, is making electrical G3 utility automobiles and P7 sedans with autonomous driving capabilities in two Chinese language crops.

The funding will allow Xpeng to additional develop clever automobile applied sciences. The corporate plans to have about 200 showrooms in China by the tip of this 12 months.

China’s gross sales of latest power automobiles fell for a twelfth straight month in June. NEVs embody battery-powered electrical, plug-in petrol-electric hybrid and hydrogen fuel-cell automobiles.

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