Mexican Media Brands
Chinese EV Startup Raises Another $400 Million
Chinese electric car startup Xiaopeng (Xpeng) Motors Technology Co. says it raised $400 million during the company’s Series C investment round.
#hybrid #economics
Share
Chinese electric car startup Xiaopeng (Xpeng) Motors Technology Co. says it raised $400 million during the company’s Series C investment round.
Consumer electronics specialist Xiaomi Corp. led the latest funding. That company also is collaborating with Xpeng on in-vehicle smartphone applications.
Guangzhou-based Xpeng, which was launched in 2014, raised nearly $1.4 billion in its first two funding rounds. The company is said to be valued at about $4 billion.
In addition to the new investors, Xpeng says it has secured credit lines totaling several billion yuan ($300 million-plus) from Chinese and international banks. The company also is backed by tech giant Alibaba.
The EV maker introduced its first model, the G3 SUV, early this year. The P7 sedan will follow in the second quarter of 2020.
RELATED CONTENT
-
48-volt Hits Production
“In 2025, approximately one in five new vehicles across the world will be equipped with a 48-volt drive,” Juergen Wiesenberger, head of Hybrid Electric Vehicles at Continental North America said last week.
-
The Genovation GXE: >220 mph and Street Legal
A 2019 Corvette Grand Sport has a starting price on the order of $66,950. The Genovation GXE, which is predicated on the Corvette Grand Sport, will set you back some $750,000.
-
Engineering the 2019 Jeep Cherokee
The Jeep Cherokee, which was launched in its current manifestation as a model year 2014 vehicle, and which has just undergone a major refresh for MY 2019, is nothing if not a solid success.