On March 21, Chinese electric car startup Xiaopeng Motors, also known as XPENG, successfully passed its first batch of production model vehicle (1.0) reviews conducted by the Fangcun branch of Guangzhou Traffic Police Detachment’s vehicle management department, obtaining the first specialized license plate for new energy vehicles.
Alternative energy vehicle were under the spotlight in the Chinese market during 2017, with a total sales volume of 777,000, a year-on-year growth of 53.3 percent. Blade electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) show a year-on-year growth of 82.1 percent and 39.4 percent respectively.
XPENG announced the start of its B round financing of 2.2 billion yuan in Hong Kong on January 29. The financing was led by Alibaba, Foxconn and IDG. XPENG will raise more than 5 billion yuan from the capital market.
XPeng Motor released its first mass-produced model, the G3, at CES on January 9. The G3 is scheduled to go on sale in the spring of 2018, at which time the company will announce specific configurations and prices.
XPENG has finished its A+ round financing and plans to announce B round financing in early 2018, XPENG Motors Chairman He Xiaopeng said in a Weibo post on December 15. Investment in this round of financing came from Xiaomi, Foxconn and IDG.
This morning, XPENG chairman He Xiaopeng drove the first XPENG car with a Beijing license place onto the streets near the National Convention Center.