Xpeng Motors receives a round of Series C funding of US$400 million, Xiaomi is a strategic investor

14 November 2019, 06:46:38

XPENG Motors - a Chinese EV manufacturer - has announced that it has received a Series C capital funding of US$400 million. The capital comes from "a group of strategic and institutional investors, bringing together an unparalleled combination of corporate and individual investors, as well as renowned private equity firms." An interesting fact here is the Xiaomi will join as a strategic investor. This company is mostly known for its smartphones, and from recently - with its smart TVs and other consumer electronic products. Xiaomi had its IPO on the Hong Kong stock exchange on June 25th, 2018.

Xpeng Motors has also successfully diversified its funding sources by securing several billions of RMB-denominated credit lines from leading Chinese and international banks including China Merchants Bank, China CITIC Bank and HSBC. The first 10,000 units of the first model - Xpeng G3 2019 - rolled off the production line in June and in July, the manufacturer announced an upgraded version dubbed G3 2020 with 520 km of NEDC range. The Xpeng P7 - the company's second model, was unveiled in April this year and the first deliveries are expected in Q2 of 2020.

"The signing of the new fundraising, which not only attracted new strategic investors such as Xiaomi Corporation but also received strong support from many of our current shareholders, is a renewed endorsement of our long-term strategy, execution capability and prudent business model," said Mr. He Xiaopeng, Chairman and CEO of Xpeng Motors, who also participated in the Series C round.

Mr. Lei Jun, CEO of Xiaomi Corporation, commented on the strategic investment that: "Xiaomi Corporation and Xpeng Motors have achieved significant progress through in-depth collaboration in developing technologies connecting smartphones and smart cars. We believe that this strategic investment will further deepen our partnership with Xpeng in advancing innovation for intelligent hardware and the Internet of Things."

"We are committed to investing in the development of core in-house technologies, smart manufacturing, and sales and service capabilities. With the strong support from our shareholders, customers and business partners, we are very confident that we can surmount the challenging environment and achieve our long-term goals," Mr. He concluded.Source

News related to Xiaomi or Xpeng

Exactly 5 months ago, Chinese tech company Xiaomi, mostly known for its smartphones and smart home gadgets, announced that it will enter the EV business. Today, Xiaomi Corporation announced that Xiaomi EV, Inc. has been registered with a capital of CNY 10 billion (USD 1,547,623,731.45). Lei Jun, Founder, Chairman and CEO of Xiaomi, is the legal representative of Xiaomi EV, Inc. This marks a key milestone of the much...

1 September 2021

XPeng has announced it has signed an agreement with the Zhaoqing Municipal Government and the Zhaoqing High Technology Industry Development Zone to build the Phase Two expansion project of the XPeng Zhaoqing Smart EV Manufacturing Base (“Zhaoqing Base”) located in Guangdong Province. The Company today officially kicked off the Phase Two expansion project at a signing ceremony co-hosted with the Zhaoqing Municipal...

19 August 2021

XPeng today announced its vehicle delivery results for June 2021 and the second quarter of 2021. The company has recorded its highest-ever monthly deliveries in June - 6,565 units representing a 617% increase year-over-year, and a 15% increase over last month. It has also achieved a quarterly record of 17,398 deliveries in the second quarter of 2021, marking a 439% increase year-over-year. As of June 30, 2021...

1 July 2021

A month ago, we reported that Xiaomi ponders on entering the EV business. It seems Xiaomi and more specifically - Lei Jun - the company's CEO and co-founder are done pondering and ready to act. The brand will enter the EV business., indeed. This is currently announced during Xiaomi's 2021 New Product Launch Part II event. The brand will create a wholly-owned subsidiary to enter the smart electric vehicle market. The...

30 March 2021

Various Chinese media report that Xiaomi is pondering on entering the EV market. One of the top smartphone vendors in the world has already ventured into the TV market and quite successfully so far. Obviously, it wants to have a chunk of the promising EV market and sees it as a strategic decision that will future-proof the company. In 2013, Lei Jun, co-founder and CEO of Xiaomi, went to the USA twice to visit...

22 February 2021

Xpeng has announced its December 2020, fourth quarter, and yearly delivery results. The monthly deliveries for December amount to 5,700 units consisting of a record-high 3,691 P7s and 2,009 G3s. The number represents a 326% increase YoY and a 35% increase from November. In the fourth quarter, XPeng has delivered 12,964 units - a 303% YoY increase and a 51% increase compared to Q3 2020. Total deliveries for 2020...

4 January 2021

XPeng has unveiled its unaudited financial results for the third quarter of 2020. The company has delivered 8,578 vehicles, which is a 265.8% increase compared to Q3 2019. Of those, 6,210 are Xpeng P7 units, which is a staggering increase compared to 325 units delivered in Q2 of 2020. As of September 30, 2020, XPeng's physical sales and service network consisted of a total of 116 stores and 50 service centers...

13 November 2020

XPeng has produced 10,000 units of its P7 smart EV sedan from Xpeng's self-built wholly-owned factory in Zhaoqing, Guangdong Province on Oct 20, 2020. At 706 km NEDC, the rear-wheel-drive super-long range version has the longest driving range among production EVs in China. The P7's in-house designed electric drive system - equipped with the German Infineon 950 IGBT module - provides a maximum motor efficiency of...

20 October 2020

XPeng announced today its vehicle delivery results for September 2020 and the third quarter ended September 30, 2020. The brand has achieved a record month with 3,478 EV deliveries in September 2020, a 31% increase from August, and a 145% increase year-over-year. The deliveries consisted of 2,573 XPeng P7 units and 905 XPeng G3s units. In the third quarter of 2020, XPeng delivered a total of 8,578 EVs, consisting of...

5 October 2020

XPeng announced that its wholly-owned subsidiary in China, Guangdong Xiaopeng entered into a cooperation agreement with Guangzhou GET Investment, a wholly-owned investment company of Guangzhou Economic and Technological Development Zone. According to the agreement, Guangzhou GET Investment agrees to provide CNY 4 billion for the construction of a new Smart EV manufacturing base for XPeng in the Guangzhou Economic...

29 September 2020

Three weeks ago, Xpeng received production license for its Zhaoqing plant where the Xpeng P7 is produced. The plant was financed and is owned entirely by Xpeng. The construction took 15 months. Spanning a planned area of 3,000 acres (2 million square metres), it has five cutting-edge workshops including stamping, welding, painting, final assembly, and battery pack production. The factory is run by a 600-member...

9 June 2020

Xpeng Motors announced that it has received the official production license from China's Ministry of Industry and Information Technology for its new own-built, wholly-owned factory, the Zhaoqing Xpeng Motors Intelligent Industrial Park in Guangdong Province. The approval will accelerate the production of the Xpeng P7, the company's second production model, ensuring customer deliveries scheduled for Q2 of 2020. The...

20 May 2020

The Xpeng P7 electric sports sedan officially rolls out in China on April 27. The vehicle with the longest range in China (706 km NEDC) features the NVIDIA DRIVE AGX Xavier platform for its XPILOT3.0, which will also be used for its next production model. The NVIDIA DRIVE AGX platform houses the Xavier system-on-a-chip (SoC). It is equipped with 12 ultrasonic sensors, five high-precision millimeter-wave radars, 13...

16 April 2020

Xpeng has fully acquired Guangdong Foday Automobile - a Foshan-based car manufacturer. This move is an attempt on behalf of Xpeng to gets its own license for manufacturing cars by having the Foday Automobile in its portfolio. Xpeng has been constructing a new factory in Zhaoqing where it is expected to launch and assemble its upcoming model P7. "The transaction is a critical step of our long term strategic plan," an...

25 March 2020