China's electric car startup XPeng raises $587m in latest fundraising

China's electric car startup XPeng raises $587m in latest fundraising

Giulia Marchi/Bloomberg

China’s Xpeng Motors raised 4 billion yuan ($587 million) in its latest fundraising round, valuing the electric car startup at nearly 25 billion yuan ($3.6 billion), it said on Thursday.

China-based private equity firm Primavera Capital Group led the fundraising with venture capital investor Morningside Venture Capital and Xiaopeng He, Xpeng‘s chairman and chief executive officer, the company said.

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