Chinese electric vehicle maker Xpeng said to raise another $300m

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) maker Xpeng Motors has raised an additional $300 million from investors including Qatar’s sovereign wealth fund, people familiar with the matter said.

As enthusiasm builds for EVs, shares of their makers such as Tesla Inc and Nio Inc have surged in recent months and automakers are looking to the markets for funds.

Six-year-old Xpeng, which is backed by Alibaba Group Holding, said earlier in July it had raised around $500 million from investors including Aspex, Coatue, Hillhouse and Sequoia Capital China.

It has now raised an additional $300 million from new investors including the Qatar Investment Authority, the sources said, adding the company might further expand the fundraising.

Funds will go towards research in areas such as intelligent vehicle technologies, the sources said, without giving any further details.

The latest fundraising takes the total amount raised so far in the company’s so-called C+ round to more than $800 million. The company has filed for a U.S. initial public offering (IPO), the sources, who declined to be named as discussions are private, said.

Xpeng, which had delivered 19,376 G3 SUVs as of June, declined to comment. Qatar Investment Authority could not immediately be reached for comment. CNBC earlier reported the funding on Friday.

China’s sales of new energy vehicles (NEVs) fell for a 12th straight month in June. NEVs include battery-powered electric, plug-in petrol-electric hybrid and hydrogen fuel-cell vehicles.

Last November, Xpeng raised $400 million from investors including Xiaomi Corp <1810.HK>. Sources told Reuters at the time that investors valued the company at nearly $4 billion.

Shares in Xpeng‘s rival Li Auto Inc soared more than 50% following its debut on Nasdaq on Thursday, after the Chinese automaker sold shares to investors in its $1.1 billion IPO.

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.