Alibaba-backed electric vehicle maker Xpeng raises $500m

FILE PHOTO: A woman walks by an Xpeng Motors showroom at its headquarters in Guangzhou, Guangdong province, China May 18, 2020. REUTERS/Yilei Sun

Chinese electric vehicle (EV) manufacturer Xpeng Motors, backed by Alibaba Group Holding Ltd, said on Monday it has raised around $500 million in the latest funding round.

As enthusiasm builds for more climate-friendly vehicles, the share prices of EV makers, including Tesla Inc and Nio Inc, have surged in recent months and auto makers are looking to the markets for funds.

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