Xpeng Motors’ affiliated company has registered capital soared 150% to 15 billion yuan

Shanghai (Gasgoo)- Guangdong Xiaopeng Motors Technology Co.,Ltd. (called “Guangdong Xiaopeng” for short), a wholly-owned subsidiary of XPeng (Hong Kong) Limited, has seen its registered capital surge to 15 billion yuan ($2,167,191,000) from 6 billion yuan ($866,876,400), according to the Chinese corporate data platform Tianyancha.

Founded in June 2019, Guangdong Xiaopeng has a line of businesses including the R&D and development of automotive engineering technologies, the car leasing service and the EV charging service. Xia Heng, the co-founder and president of Xpeng Motors, serves as its legal representative.

(Photo source: Xpeng Motors)

Xpeng Motors officially filed for a U.S. initial public offering on August 8 to trade under the symbol “XPEV”. If the listing search goes smoothly, Xpeng will become the third Chinese EV startup that goes public in the U.S. after NIO and Li Auto.

On July 20, the startup announced the signing of its Series C+ financing of around $500 million with a group of investors including Aspex, Coatue, Hillhouse and Sequoia Capital China. The company said the funding round further enhances its commitment to serving the large and growing base of technology-savvy middle-class consumers in China by providing Smart EV experiences empowered by advanced technology.

Only half a month later, local media outlets reported that Xpeng Motor has raised $300 million from Chinese e-commerce giant Alibaba Group, Qatar Investment Authority and other investors. The new capital injection will swell Xpeng’s C+ round of financing to $800 million. However, Xpeng declined to comment on the fundraising.