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Xpeng Motors achieves RMB 2.2 billion B-round funding, leading by Alibaba, IDG Capital
Nancy From Gasgoo| January 30 , 2018

China auto market news, Xpeng Motors B-round financing

Shanghai (Gasgoo)- Xpeng Motors held a press conference for its B-round financing in Hong Kong on Jan. 29. This financing was jointly led by Alibaba Group, Foxconn Technology Group (Foxconn) and IDG Capital, followed by Yunfeng Capital, Apoletto and China International Capital Corporation Limited (CICC). What's more, GGV Capital, Morningside Venture Capital and Matrix Partners China, who provided funding for Xpeng's A+ round financing, appeared once again on the list of investing institutions. Having completed the B-round financing, Xpeng Motors would have achieved a total investment of more than RMB 5 billion from the capital market.

Official information shows that XPeng had completed three A+ rounds of financing, including A0, A1 and A2. Among them, the A0 round financing was only supported by Alibaba Group and He Xiaopeng, the chairman himself, and the A1 round funds came from GGV Capital, Morningside Capital, IDG, Matrix Partners China, Shunwei Capital and EBZY Capital. The A2 round funds were invested from Xinding Capital, Kinzn Capital and Lightspeed Capital. Moreover, Xpeng Motors received A-round funding of RMB 2.2 billion, which was led by Ucar Capital.

Alibaba is the world's leading high-tech giant, Foxconn, the world’s internet benchmarking company, and IDG, the global leading investment institution. The joint leading investment from the three giants is a milestone for the development of Xpeng Motors, He Xiaopeng, Chairman of Xpeng Motors stated.

China auto market news, Xpeng Motors B-round financing

In December, 2017, Xpeng Motors laid a foundation for Zhaoqing Intelligent Science and Technology Industrial Park, which covers an area of 2 million square meters with a total investment of RMB 10 billion.

According to plan, the first phase of project will be invested with a total of RMB 4 billion. And the second phase will have an investment of RMB 6 billion. After completing construction, the first phase of the project will achieve an annual production capacity of 200,000 units. At the same time, Xpeng Motors has owned nearly 1,000 employers with its design, R&D, manufacturing and marketing institutions spreading in Beijing, Zhaoqing, Guangdong Province and Silicon Valley, America.

When it comes to the vehicle product, Xpeng unveiled the Beta sample model and test drove it for the first time in September, 2016. In July, 2017, XPeng Auto obtained product approval from MIIT with the help of manufacturing qualification from Haima Automobile. In October, the first batch of Xpeng's mass-produced vehicles rolled off the production line in Zhengzhou, Henan Province.

Additionally, Xpeng Motors made a world premiere for the G3 at the CES in January, 2018. The G3 is the first mass-produced internet vehicle produced by China's EV startups releasing at the CES 2018. Owning a shark-shaped fronted end, LED headlights and the industry-leading 360 degree cameras, the new model will be launched and planned to be delivered within 2018.

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