Xpeng Motors Raises US$500mn in Series C+ Round of Financing

The company has successfully reached several milestones to date, including launching its second Smart EV model, the P7 sports sedan, in April 2020, and acquiring the production license for its factory in Zhaoqing, Guangdong Province, in May 2020.

FREMONT, CA: Xpeng Motors, a Guangzhou, China-based smart electric vehicle company, closed its Series C+ financing of around US$500mn. Investors included Aspex, Hillhouse Capital, Coatue, and Sequoia Capital China. The company intends to use the newly raised capital to continue to expand its business reach in China.

The company has successfully reached several milestones to date, including launching its second Smart EV model, the P7 sports sedan, in April 2020, and acquiring the production license for its factory in Zhaoqing, Guangdong Province, in May 2020.

Xpeng Motors is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs. It was co-founded by Tao HE and Heng XIA, both former senior executives of Guangzhou Automobile Group. The company’s initial investors include its Chairman and Chief Executive Officer, Xiaopeng HE, who also served as the co-founder of UCWeb, and a former executive of Alibaba Group. Founded in 2015, Xpeng Motors has a senior management team with diverse backgrounds, including its Co-founders, Heng XIA and Tao HE with expertise and experience in innovative automotive technology and R&D, and its Vice Chairman and President, Brian GU, former Chairman of J.P. Morgan Chase Asia Pacific Investment Bank. It has received investments from Xiaomi Corporation, Alibaba Group, and other prominent institutional investors, including IDG Capital, GGV Capital, Morningside Venture Capital, and Primavera Capital. The company launched its first Smart EV model, the G3 SUV, in December 2018.

Xpeng Motors has offices in Shanghai, Beijing, Silicon Valley, and San Diego in the U.S. and manufacturing plants in Zhaoqing and Zhengzhou.