Chinese EV Startup Raises Another $400 Million

Steve Plumb

Chinese electric car startup Xiaopeng (Xpeng) Motors Technology Co. says it raised $400 million during the company’s Series C investment round.

Consumer electronics specialist Xiaomi Corp. led the latest funding. That company also is collaborating with Xpeng on in-vehicle smartphone applications.

Guangzhou-based Xpeng, which was launched in 2014, raised nearly $1.4 billion in its first two funding rounds. The company is said to be valued at about $4 billion.

In addition to the new investors, Xpeng says it has secured credit lines totaling several billion yuan ($300 million-plus) from Chinese and international banks. The company also is backed by tech giant Alibaba.

The EV maker introduced its first model, the G3 SUV, early this year. The P7 sedan will follow in the second quarter of 2020.