Xpeng Motors raises RMB 4 billion in Series B+ with valuation up to RMB 25 billion

Shanghai (Gasgoo)- China-based EV startup Xpeng Motors announced on August 2 that it has completed a RMB 4 billion worth of Series B+ round financing, which was the largest single round of financing so far this year among Chinese vehicle startups by the value raised. 

The latest fundraising was jointly led by Primavera Capital Group, Morningside Venture Capital and He Xiaopeng, chairman and CEO of Xpeng Motors. Hillhouse Capital, K11 and Eastern Bell Venture Capital have also chipped in as new investors in the round, valuing the firm at RMB 25 billion.

After the new round financing completes, the startup sees the money raised for the entire Series B round amount to RMB 6.2 billion and has garnered the investment totaling over RMB 10 billion.

According to He Xiaopeng, the company's first production model XPENG G3 will go on sale within 2018 and be delivered at the end of this year. The startup unveiled the G3 electric SUV at the International CES 2018 in Las Vegas in January. “We are confident in delivering highly intelligent and connected vehicles with pretty looking, high performance and proper price to our first batch of consumers,” he said.

The XPENG G3 is expected to be priced between RMB 250,000 and RMB 300,000 when it hits the market later this year. The new model boasts various smart facilities like the panoramic roof camera, unique space cockpit and is equipped with full-scenario automatic parking system designed for Asian road conditions and Level 2.5 autonomous driving technologies.