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

Xpeng has already pre-sold 4,000 models of its new G3 and plans to begin delivering them to buyers in late November. Photographer: 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.

Hillhouse Capital Group, which is currently finalising a new private equity fund that could become one of the biggest in the region, also participated in the fundraising.

Xpeng has raised more than 10 billion yuan from investors so far, the company said, including the fundraising round in January led by Alibaba Group Holding Ltd and Foxconn Technology Co Ltd. Alibaba had also participated in an earlier round in December.

Xpeng, which showcased its electric car in Las Vegas in January, is one of several Chinese startups looking to speed up development of battery-powered technology and compete with global leaders including Tesla Inc.

China’s new energy vehicle sales are expected to grow by 40 percent in 2018, according to an industry body, after the country’s traditional automotive market slowed sharply in 2017.

Xpeng expects its first vehicle, the “G3”, to hit the market this year. It also plans to build 150 super charging stations across the country and set up stores in first-tier cities.

Other investors in the latest fundraising round include K11, the investment arm of Hong Kong entrepreneur Adrian Cheng’s K11 brand, and Eastern Bell Venture Capital.

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Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.