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
-
Report: Old-Line Carmakers Set to Sweep Past Tesla in EV Race
Tesla Inc. will retain its position as the world’s largest maker of electric cars next year but plunge to seventh behind well-established vehicle manufacturers by 2021, predicts PA Consulting Group.
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
Tesla Owners in Germany Ordered to Return Subsidy
Germany has ordered about 800 Tesla Model S electric cars owners to pay back a €4,000 ($4,700) government subsidy they received.