XPENG Motors Completes Series B+ Round, Raises RMB 4 Billion at close to 25 Billion Valuation
Chinese electric vehicle startup XPENG Motors officially announces the completion of its Series B+ round of 4 billion yuan today, with Primavera Capital Group, Morningside Venture Capital, as well as Chairman and CEO of XPENG Motors He Xiaopeng himself jointly leading the investment.
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In addition to a number of previous investors, top investors such as Hill House Capital, K11 Investment, and Eastern Bell Venture Capital also joined for the first time to support XPENG Motors. This is the largest single-round of financing in the new energy vehicle industry in 2018.
XPENG Motors has received close to 6.2 billion yuan in total for the entire Series B round, with their total amount raised exceeding 10 billion yuan. At present, the valuation of XPENG Motors is close to 25 billion yuan. He Xiaopeng, chairman and CEO of XPENG Motors has always been the biggest individual investor since angel round.
“We will adhere to the path of independent innovation based on Chinese scenarios and Chinese driving habits. Only by continuously creating long-term value for our users and investors will our company grow bigger and stronger,” He Xiaopeng, Chairman and CEO of XPENG Motors said, “We are confident that we will deliver the first batch of beautifully designed and highly cost effective IoT vehicles to our customers .”
“XPENG Motors is an important deployment of Primavera Capital Group in the field of new energy vehicles,” said Hu Zuliu, renowned economist and chairman of Primavera Capital Group, “we are very much looking forward to work with XPENG Motors, and we believe that XPENG Motors has the opportunity to become the most promising star in the electric vehicle industry.”
G3 is a beautifully designed, high-quality and high-tech electric SUV. It is sporty in style with its sharp front lip, LED sword-style lighting, as well as its one-piece diamond matrix taillight. In addition, G3 features the industry’s first 360° roof camera, a space-capsule-like driving space, a set of 20 intelligent sensors, as well as all-scenario autonomous parking and Level 2.5 autonomous driving technology.
The G3 SUV is set to be available in 2018 and its detailed setup and price be announced then. Delivery will also start sometime this year. In the mean time, XPENG Motors will build 150 supercharging stations across the country, and gradually open dozens of offline stores in first-tier cities.
