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China EV Startup Targets $2.7 Billion in Second-Round Funding
Chinese electric-car startup Xiaopeng (Xpeng) Motors says it expects to raise 17 billion yuan ($2.7 billion) in 2018.
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Chinese electric-car startup Xiaopeng (Xpeng) Motors says it expects to raise 17 billion yuan ($2.7 billion) in 2018.
The Guangzhou-based company was created in 2014 and is chaired by He Xiaopeng, cofounder of the UC internet browser and past head of Alibaba Group Holding Ltd.’s mobile business group.
The internet-based company says Alibaba and Foxconn also are investing in this year’s B series funding.
Xpeng began pilot assembly of its first model, the G3 all-wheel-drive electric SUV (pictured), last October in Zengzhou. The company delivered the first production model to founder-chairman He Xiaopeng in December and unveiled the vehicle at the CES electronics show in Las Vegas in January. Xpeng aims to begin sales in China later this year.
The G3 features 25 object sensors, an array that comprises eight exterior and two interiors cameras, 12 ultrasonic radar and three millimeter-wave radar sensors units. Xpeng promises a panoramic glass windshield/roof, a 12.3-inch high-definition instrument panel and 15.6-inch high-definition touch screen, and a high degree of semi-autonomous driving capability.
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