Electric Car Maker Xpeng Motors Raises RMB 4 Bln Series B+ Funding
36Kr.com, 8/02/18
Guangzhou-based electric car maker Xiaopeng Motors Technology (Xpeng Motors) recently announced completion of Series B+ funding including RMB 4 bln total B1 and B2 funding. Investment was led by Primavera Capital Group, Morningside Ventures, and He Xiaopeng, chairman of XPeng Motors, with participation by Hillhouse Capital Management, K11 Investment, and Eastern Bell Venture Capital. This is Xpeng Motor's largest single funding round since the beginning of 2018.
XPeng Motors previously announced on January 29 that following the completion of RMB 2.2 bln Series B funding the company would also raise additional B1 and B2 funding to bring total Series B investment to RMB 6.2 bln. Xpeng has now completed more than RMB 10 bln funding to date. In addition, a source at Xpeng Motors disclosed that the company is now valued at nearly RMB 25 bln.
According to online media outlet 36Kr.com, He Xiaopeng invested more than USD 100 mln in the company's Series B+ funding round. Combined with his previous investments, He has now invested approximately RMB 2 bln in Xpeng Motors to date.
XPeng Motor's first mass-produced product, a pure-electric SUV called the G3, will enter the market and begin delivery in 2018.
Keywords: hardware funding Morningside Series B Hillhouse Capital He Xiaopeng Primavera Capital Eastern Bell Venture Capital Xpeng Motors Xiaopeng Motors K11 VC automobile valuation electric vehicle
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