Chinese language automotive producer Xpeng Motors has raised $500 million in recent funding from a bunch of main traders.
The $500 million funding spherical got here from traders together with Aspex, Coatue, Hillhouse Capital and Sequoia Capital China and follows on from a $400 million money injection in November 2019 from a number of traders together with smartphone maker Xiaomi. To this point, Xpeng has secured a complete of $1.7 billion value of funding.
Xpeng just lately began deliveries of its long-awaited P7 electric sedan in China and is presently promoting it alongside the G3 SUV.
Learn Additionally: ‘Tesla Clone’ Xpeng Has A Website Just Like Tesla’s
CNBC studies that China’s electrical car sector has been hit onerous by the coronavirus epidemic, with gross sales of recent power autos (NEVs) falling by 33.1 per cent year-on-year in June, knowledge from the China Affiliation of Vehicle Producers reveals. Nonetheless, because the Chinese language financial system reveals indicators of rebounding, gross sales have been rising month-on-month.
The Chinese language authorities has been making an attempt to re-stimulate the native NEV market attributable to waning gross sales and demand. At the beginning of the 12 months it was introduced that new power car subsidies and tax break insurance policies could be prolonged to 2022, moderately than expire this 12 months as initially deliberate.
Xpeng was most recently in the news after it emerged that Tesla is continuous to pursue authorized motion towards it, claiming that the corporate stole and is utilizing its Autopilot supply code in its autos. In keeping with Tesla, former Autopilot engineer Guangzhi Cao downloaded the motive force help system’s supply code to his private machine by Apple Airdrop earlier than taking on a place at Xpeng.