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EV maker Xpeng raises $500 million

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BEIJING/HONG KONG — Chinese electric powered vehicle company Xpeng Motors, backed by Alibaba Group Holding Ltd, said Monday it has elevated all over $five hundred million in its newest funding spherical.

As enthusiasm builds for far more climate-helpful automobiles, shares of EV makers, together with Tesla Inc. and Nio Inc., have surged in current months and automobile makers are seeking to the markets for money.

Li Vehicle, Xpeng’s rival, submitted for a U.S. initial public offering before this month.

Traders in Xpeng’s newest funding spherical incorporate Aspex, Coatue, Hillhouse and Sequoia Capital China, 6-12 months-outdated Xpeng said in a statement, without disclosing the firm’s valuation.

Past November, the EV maker elevated $400 million from buyers together with Xiaomi Corp. Resources informed Reuters at the time that buyers valued the enterprise at approximately $four billion.

Xpeng, led by CEO He Xiaopeng, is creating electric powered G3 utility automobiles and P7 sedans with autonomous driving abilities in two Chinese crops.

The funding will empower Xpeng to further more create clever vehicle technologies. The enterprise strategies to have about 200 showrooms in China by the close of this 12 months.

China’s profits of new energy automobiles fell for a twelfth straight month in June. NEVs incorporate battery-powered electric powered, plug-in petrol-electric powered hybrid and hydrogen gas-cell automobiles.

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