Backed by Alibaba and Qatar’s Sovereign Wealth Fund, Xpeng Motors Receives Another $300 Million in Financing

(Source: Xpeng Motors)

Less than two weeks before announcing a $500 million series C+ round of financing, Xpeng Motors has once again raised $300 million in financing led by Chinese e-commerce giant Alibaba Group and participated by Qatar’s sovereign wealth fund, Chinese tech media 36Kr reported, citing a source with knowledge of the matter.

Pandaily sought confirmation from Xpeng but the company declined to comment.

After only more than 10 days of Xpeng’s announcement of the signing of a nearly $500 million financing agreement for the C+round, Xpeng signed a new round of over $300 million in financing, backed by Alibaba and Qatar’s sovereign wealth fund, 36Kr reported. The former financing was backed by Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China.

Despite setbacks in a down market due to the coronavirus-hit economy, domestic electric vehicle makers have ushered in a wave of a capital boom. Pandaily reported earlier that another leading carmaker, Li Auto, went public last Thursday with its share price soaring 43.13% on the first day, raising $1.47 billion with the market capitalization exceeding $14.8 billion. NIO’s market valuation was $14.45 billion.

SEE ALSO: Chinese EV Manufacturer Li Auto Goes Public on Nasdaq with Share Price Surging 43.13% on First Day, Market Cap Briefly Beats NIO

36Kr reported that Xpeng would list its shares in the US between August and September. If the plan proceeds, Xpeng Motors will become the third domestic EV manufacturer listed in the US.