Xpeng Motors announced the signing of its Series C capital funding of US$400 million 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. The company announced that Xiaomi Corporation, a global leader in the technology and consumer electronics sector, will join as a strategy investor.
In addition to the latest equity raising, Xpeng Motors has also successfully diversified its funding sources by securing several billions of RMB-denominated unsecured credit lines from leading Chinese and international banks including China Merchants Bank, China CITIC Bank and HSBC, a powerful testament to the company’s solid business model and its long-term growth prospects.
Xpeng Motors achieved numerous milestones this year. The company premiered its 2nd production model, the P7 sedan in April, rolled out the 10,000th unit of its first production model the G3 2019 smart SUV in June, and in July it released the enhanced version, the G3 2020 with a 520km NEDC driving range. Also in July, the G3 obtained the highest total score of 92.2% among electric vehicles in the latest China New Car Assessment Program (C-NCAP) safety test.
The company plans to launch the P7 sedan in the spring 2020 and will start delivery in 2Q 2020.