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EV Startup Xpeng Motors Raises Another $350 Million
Chinese electric car startup Guangzhou Xiaopeng Motors Technology Co. (Xpeng Motors) has raised 2.2 billion yuan ($350 million) in its Series B funding round, nearly doubling its total funding to 5 billion yuan ($800 million).
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Chinese electric car startup Guangzhou Xiaopeng Motors Technology Co. (Xpeng Motors) has raised 2.2 billion yuan ($350 million) in its Series B funding round, nearly doubling its total funding to 5 billion yuan ($800 million).
The 4-year-old company delivered a special-edition 1.0 model to its chairman, He Xiaopeng, in December. Full production of the G3 midsize crossover/SUV, which was unveiled at last month’s CES electronics show in Las Vegas, is due to start by year-end.
The G3 features a large panoramic windshield similar to that of the Tesla Model X, and 25 sensors—including a roof-mounted 360° camera—to enable unspecified autonomous driving features. The interior is highlighted by a 15.6-inch infotainment screen and a 12.3-inch instrument cluster display.
Xpeng says the crossover will generate 190 hp and have a 300-km (186-mile) driving range. Media reports estimate the vehicle will start at $40,000, which would be about one-third the price of a Model X in China.
Production initially will be outsourced to FAW Group subsidiary Haima Automobile. Xpeng plans to quadruple its workforce from 700 people to 3,000 by the end of next year.
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