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.

Xpeng’s rival Li Auto earlier this month filed for a U.S. initial public offering.

The investors in Xpeng’s C+ funding round include Aspex, Coatue, Hillhouse and Sequoia Capital China, Xpeng said in a statement. It did not disclose the valuation of the six-year-old company.

Xpeng, led by chief executive He Xiaopeng, is making electric G3 sport-utility vehicles and P7 sedans with autonomous driving capabilities in two Chinese plants.

The funding will enable Xpeng to further develop intelligent vehicle technologies. It also plans to have around 200 showrooms in China by the end of this year.

Last November, Xpeng raised $400 million from investors including Xiaomi Corp. Sources told Reuters at the time that investors valued the company at nearly $4 billion.

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.