Chinese EV startup Xiaopeng Motors working on $2.7B financing round
A recent report by Deal Street Asia in China has revealed that 2014-founded Chinese electric-vehicle (EV) startup Xiaopeng Motors is working on a substantial 17 billion yuan ($2.7 billion USD) financing round. The startup will reportedly raise the mentioned funds by the end of current year to boost its investment in electric vehicle technology and improve production capacity.
The report about Xiaopeng Motors efforts to secure the massive financing round has come close on the heels of the startup founder Henry Xia’s appearance at the Boao Forum in China this week.
Previously, in January 2018, Xiaopeng Motors had secured a significant 2.2 billion yuan ($348 million) investment round. That funding round was led by two big Chinese tech companies --- Foxcomm and Alibaba.
With Xiaopeng Motors already having secured an important funding round in January, and now working on another massive round, the company will apparently ramp up the production of its first EV ‘Xpeng’ to bring it to the market this year. The company had commenced low volume production of Xpeng EV in 2017.
Xpeng EV is heavily inspired by Tesla in terms of battery pack technology and interior design; and has been referred to as a ‘Tesla clone’ in some reports. In fact, Xia had openly admitted that, in building Xpeng EV, he was influenced by Tesla as well as Tesla’s announcement about open-sourcing its EV patents.
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