Mexican Media Brands
Chinese EV Startup Raises Another $400 Million
Chinese electric car startup Xiaopeng (Xpeng) Motors Technology Co. says it raised $400 million during the company’s Series C investment round.
#hybrid #economics
Share
Chinese electric car startup Xiaopeng (Xpeng) Motors Technology Co. says it raised $400 million during the company’s Series C investment round.
Consumer electronics specialist Xiaomi Corp. led the latest funding. That company also is collaborating with Xpeng on in-vehicle smartphone applications.
Guangzhou-based Xpeng, which was launched in 2014, raised nearly $1.4 billion in its first two funding rounds. The company is said to be valued at about $4 billion.
In addition to the new investors, Xpeng says it has secured credit lines totaling several billion yuan ($300 million-plus) from Chinese and international banks. The company also is backed by tech giant Alibaba.
The EV maker introduced its first model, the G3 SUV, early this year. The P7 sedan will follow in the second quarter of 2020.
RELATED CONTENT
-
Chevy Develops eCOPO Camaro: The Fast and the Electric
The notion that electric vehicles were the sort of thing that well-meaning professors who wear tweed jackets with elbow patches drove in order to help save the environment was pretty much annihilated when Tesla added the Ludicrous+ mode to the Model S which propelled the vehicle from 0 to 60 mph in less than 3 seconds.
-
GAC, CATL Partner on Two Battery Ventures
Two new battery ventures are being formed in China by domestic carmaker Guangzhou Automobile Group Ltd. and battery giant Contemporary Amperex Technology Ltd.
-
Honda to Make Hybrids in Thailand
Honda Motor Co. is preparing to launch production in Thailand of hybrid cars and the batteries that help power them.