Xpeng Motors, a leading smart electric vehicle (“Smart EV”) company in China, announced on July 20 the signing of its Series C+ financing of around US$500 million with a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China.
According to its press release, the signing of the Series C+ financing demonstrates investors’ confidence in the company’s strategy, market positioning and its long-term vision as a leading Smart EV player in China. The Series C+ financing further enhances the company’s 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.
Xpeng Motors has reached several milestones in 2020 despite the impact of Coronavirus outbreak, including launching its second Smart EV model, the P7 sports sedan in April 2020, and securing the production license for its self-built fully-owned factory in Zhaoqing, Guangdong Province in May 2020.
The company announced its Series C funding round of US$400 million in November 2019.