XPENG Motors kicks off RMB 2.2 billion of Series B capital funding
Electric vehicle manufacturer XPENG Motors announced the kickoff of its Series B capital funding of RMB 2.2 billion, with Alibaba Group, Foxconn, and IDG Capital as three major investors. That will bring the total raised by XPENG Motors in capital market to more than RMB 5 billion.
Other co-investors in Series B include Yunfeng Capital and China International Capital Corporation Limited. Series A+ investors, including GGV Capital, Morningside Venture Capital, and Matrix Partners, appear again on the list of investors of this new round of fundraising. Individual investors include Yuri Milner.
"Alibaba is the world's leading science and technology company, Foxconn is the world's benchmark company for high-tech manufacturing, and IDG Capital is the world's top investment entity. It is, thus, an important milestone for XPENG Motors that Alibaba, Foxconn, and IDG capital are the joint lead investors in this round of fundraising," said He Xiaopeng, Chairman of XPENG Motors.
In January 2018, at the Consumer Electronics Show (CES), XPENG Motors introduced its G3 production model. It is set to go on sale in 2018.