INSUBCONTINENT EXCLUSIVE:
XPeng Motors, the Chinese electric vehicle startup backed by Alibaba and Foxconn, has raised a fresh injection of $400 million in capital
and has taken on Xiaomi as a strategic investor, the company announced.The Series C includes an unidentified group of strategic and
XPeng Motors chairman and CEO He Xiaopeng, who also participated in the Series C, said they received strong support from many of its current
Chinese yuan of unsecured credit lines from institutions such as China Merchants Bank, China CITIC Bank and HSBC
has been able to hit most of its business and financing targets despite economic headwinds, uncertainties in the global markets and
government policy changes that have had direct impact on overall auto sales in China.The round comes as XPeng prepares to launch its
electric P7 sedan in spring 2020
Deliveries of the P7 are expected to begin in the second quarter of 2020.XPeng began deliveries of its first production model, the G3 2019
SUV, in December, and shipped 10,000 models by mid-June
unclear when the company might file to become a public company
No specific IPO timetable has been set and a spokesperson said the company is monitoring market conditions closely, but its current focus is
on building core businesses.
