Chinese EV company Xpeng Motors raises US$400M in Series C; Xiaomi strategic investor

China-based Xpeng Motors has closed a
US$400-million Series C capital funding from a group of strategic
and institutional investors. Xiaomi Corporation, a global leader in
the technology and consumer electronics sector, is joining as a
strategic investor.

Xiaomi Corporation and Xpeng Motors have achieved significant
progress through in-depth collaboration in developing technologies
connecting smart phones and smart cars. We believe that this
strategic investment will further deepen our partnership with Xpeng
in advancing innovation for intelligent hardware and the Internet
of Things.

— Lei Jun, CEO of Xiaomi Corporation

We are a strong believer that smart mobility and autonomous
driving are going to transform our daily lives, and we share the
same vision with Xiaomi that technology innovation is the key
driver in reshaping our future transportation. Xiaomi’s
experience and insight in consumer behavior, technology knowhow and
market trends can add tremendous value to what Xpeng Motors is set
to achieve.

—He Xiaopeng, Chairman and CEO of Xpeng Motors, who also
participated in the Series C round

In addition to the latest equity raising, Xpeng Motors has also
successfully diversified its funding sources by securing several
billions of RMB-denominated unsecured credit lines from leading
Chinese and international banks including China Merchants Bank,
China CITIC Bank and HSBC.


Xpeng G3

Xpeng Motors achieved numerous milestones this year. The company
unveiled its second production model, the P7 sedan in April, rolled
out the 10,000th unit of its first production model, the G3 2019
smart SUV, in June, and in July it released the enhanced version,
the G3 2020 with a 520 km (323-mile) NEDC driving range. Also in
July, the G3 obtained the highest total score of 92.2% among
electric vehicles in the latest China New Car Assessment Program
(C-NCAP) safety test.


Xpeng P7

The company plans to launch the P7 sedan in the spring 2020 and
will start delivery in 2Q 2020. The P7 will be the first to
implement Internet Finance Authentication Alliance (IFAA)
standards-compliant authentication digital car key technology. The
P7 will also be the first to implement Alibaba’s In-Car Mini APP
platform, leading the entry of the Alibaba-powered platform into
the automotive space.


The P7 is built on the SEPA – Smart Electric Platform
Architecture, with advanced autonomous driving features and
fusion-based perception powered by its dual-chip system: NVIDIA
DRIVE Xavier and Qualcomm Snapdragon 820A.

The In-Car Mini APP will initially focus on driver-centric
functions related to location, navigation, traffic status, travel
assistant or driver condition monitoring and will gradually expand
to a host of other mobility, lifestyle and infotainment

Xpeng Motors’ initial backers include its Chairman He
Xiaopeng, the founder of UCWeb Inc. and a former Alibaba executive.
Xpeng was co-founded in 2014 by Henry Xia and He Tao, former senior
executives at Guangzhou Auto with expertise in innovative
automotive technology and R&D. It has received funding from
prominent Chinese and international investors including Alibaba
Group and IDG Capital. The company launched its first production
model, the G3 SUV, in December 2018.

The company is building its fully-owned intelligent factory in
Zhaoqing, Guangdong Province. Xpeng Motors is headquartered in
Guangzhou, China.

Source: FS – Transport 2
Chinese EV company Xpeng Motors raises US0M in Series C; Xiaomi strategic investor

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