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 receives a round of Series C funding of US$400 million, Xiaomi is a strategic investorXPENG 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

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