Chinese electric vehicle maker Xiaopeng Motors announced that it has raised a RMB4 billion (US$587 million) series B+ round led by Chinese investment firm Primavera Capital Group, Morningside Venture Capital and its founder He Xiaopeng.
Hillhouse Capital, Eastern Bell Venture Capital, Hong Kong businessman Adrian Cheng’s K11 Investment, also participated in the round, valuing the firm at RMB$25 billion (US$3.7 billion), according to Xiaopeng Motor’s announcement.
With the RMB2.2 billion (US$348 million) series B round it raised in January, the company has raised a total of RMB6.2 billion (US$909 million) for series B. Its total funding has reached more than RMB10 billion (US$1.5 billion).
Founder He Xiaopeng said he personally invested more than US$100 million in his own company in this round, and has invested a total of RMB2 billion (US$293 million) to his company so far.
Founded in 2014, Xiaopeng, which operates under the trade name Xpeng Motors, focuses on developing "Internet cars" and electric vehicles, and is conducting research on autonomous driving technology.
Xiaopeng debuted its first production car, the G3 electric sport utility vehicle, at the International CES 2018 in Las Vegas in January. The company said it plans to deliver the car at the end of this year.
The company plans to build 150 charing station across China and open more than 10 shops in China’s first-tier cities. And it will design its second car next year.
In January, the company raised a RMB2.2 billion (US$348 million) series B round led by Alibaba Group Holding Ltd., IDG Capital and Foxconn. Last December, it raised an undisclosed amount of new funding from investors including Alibaba, GGV Capital and Matrix Partners China.
New energy vehicle sector has continued to attract millions of US dollars in China. Last month, EV maker Dearcc (or Dianka in Chinese), announced that it has raised a RMB2 billion (US$294 million) pre-A round from undisclosed institutional investors.
In April, Singulato Motors has raised a RMB3 billion (US$474 million) Series C round fundraising. In February, Venture capital firm IDG Capital invested RMB1 billion (US$159 million) in Hangzhou-based new energy vehicle firm SKIO Matrix Co., Ltd.