Chinese EV Startup Lands Alibaba, Other Investors

China-based electric vehicle startup company Guangzhou Xiaopeng Motors Technology Co. (Xpeng Motors) says it has completed three rounds of Series A+ financing and expects to announce a Series B round early next year.

The lead investors in the initial round include the company’s chairman, He Xiaopeng, and Chinese tech giant Alibaba Group Holding Ltd. Among the other early contributors are several venture capital and private equity firms.

Xpeng Motors was co-founded in 2014 by Xiaopeng, Xia Heng and He Tao. Xiaopeng previously was president of UCWeb Inc. and led Alibaba’s Mobile Business Group. the other two executives had been technology leaders with Guangzhou Automobile Group Engineering.

Xpeng is in the process of launching its first model, the Identity X all-electric compact crossover/SUV. The vehicle is said to have a 300-km (186-mile) driving range and will be equipped with a variety of semiautonomous driving features.

A second model will be unveiled next month at the CES electronics show in Las Vegas. The company received production approval from China’s Ministry of Industry and Information Technology earlier this year.

Alibaba is partnering with several carmakers, suppliers and mobility service firms as part of a plan to expand its automotive business. Earlier this month the company announced a development agreement with Ford Motor Co. to explore several potential partnerships.