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.
According to a recent announcement by Volkswagen, the automaker’s Foshan Plant ‘mega-factory’ in China is being expanded in order to increase its capacity to produce electric vehicles (EVs).
German automaker Volkswagen has revealed in a recent announcement that it is investing $100 million in solid-state battery startup QuantumScape, a startup that recently spun out of Stanford.
According to the indications from a recently-leaked image, car manufacturer Vauxhall has confirmed the release date and design of a new electrified version of its popular Corsa hatchback.
New plans related to production of Model 3 have surprised parts makers. The automotive company has planned to launch its Model 3 by 2018, which is two years prior to what earlier was decided.
Electric car manufacturer Tesla Motors has recently made a number of changes to the Model 3 design studio.
Japanese automaker Nissan has announced the launch of a new program under which old battery packs of Nissan LEAF electric vehicles will be replaced with ‘refabricated’ battery packs.