EV maker Xpeng raises $500 million

BEIJING/HONG KONG — Chinese electric car producer Xpeng Motors, backed by Alibaba Group Holding Ltd, stated Monday it has elevated about $five hundred million in its most recent funding spherical.

As enthusiasm builds for additional climate-pleasant autos, shares of EV makers, together with Tesla Inc. and Nio Inc., have surged in new months and car makers are on the lookout to the marketplaces for cash.

Li Automobile, Xpeng’s rival, filed for a U.S. preliminary general public providing before this thirty day period.

Investors in Xpeng’s most recent funding spherical involve Aspex, Coatue, Hillhouse and Sequoia Funds China, six-12 months-aged Xpeng stated in a assertion, without having disclosing the company’s valuation.

Past November, the EV maker elevated $400 million from buyers together with Xiaomi Corp. Resources explained to Reuters at the time that buyers valued the enterprise at approximately $4 billion.

Xpeng, led by CEO He Xiaopeng, is generating electric G3 utility autos and P7 sedans with autonomous driving capabilities in two Chinese vegetation.

The funding will permit Xpeng to even further develop smart car technologies. The enterprise designs to have about two hundred showrooms in China by the finish of this 12 months.

China’s profits of new strength autos fell for a twelfth straight thirty day period in June. NEVs involve battery-driven electric, plug-in petrol-electric hybrid and hydrogen fuel-mobile autos.