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Xpeng Motors ambitious to raise RMB 30 bln funding by end of 2019

Shirley From Gasgoo| August 16 , 2018 17:57 BJT

China auto news, Xpeng Motors financing, Xpeng Motors  G3

Shanghai (Gasgoo)- Xpeng Motors showed its ambition in raising a total of RMB 30 billion funding by the end of 2019 at its brand day on Aug. 15. Xpeng Motors also unveiled that its first model, the G3 will announce its final configuration and price in November, and then will take delivery.

Xia Heng, president of Xpeng Motors exposed that Xpeng's Zhaoqing-based intelligent manufacturing base is still under construction. However, the G3 will be manufactured at Zhengzhou Haima plant. To ensure the product quality, Xpeng Motors even helped update the production line of Haima and established a management team about quality and technique with Haima.

China auto news, Xpeng Motors financing, Xpeng Motors  G3

Moreover, Xpeng is working on building dealership network, especially in Beijing, Shanghai, Guangzhou and Shenzhen. In the fourth quarter, Xpeng Motors will open 10 showrooms. Moreover, Xpeng Motors will build up 1000 supercharging piles,  10,000 exclusive battery charging piles and will connect with 100,000 public battery charging piles within next three years.

According to Gu Hongdi, vice chairman and president of Xpeng said that Xpeng has raised RMB 6.2 billion in total in Series B and B+ funding rounds. By far, value of Xpeng Motors has reached RMB 25 billion.

China auto news, Xpeng Motors financing, Xpeng Motors  G3

Xpeng Motors announced on August 2 that it has completed a RMB 4 billion worth of Series B+ financing round, which set a new record in single round of financing so far this year among Chinese vehicle startups.

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