Xpeng Motor closes USD500m Series C+ round

Xpeng Motors announced today that it has raised nearly 500 million US dollars in a series C+ financing round from Aspex, Coatue, Hillhouse Capital, Sequoia Capital China and other renowned investors.

Xpeng Motors announced recently that it has raised nearly 500 million US dollars in a series C+ financing round from Aspex, Coatue, Hillhouse Capital, Sequoia Capital China and other renowned investors.

The company claims that the successful completion of the series C+ round of financing illustrates the investors’ full confidence in the prospects of its strategy, market positioning and its long-term vision to be the leader in China’s smart electric vehicles.

In November 2019, Xpeng announced a 400 millionUS dollars Series C funding round, bringing in a new strategic investment partner, Xiaomi Group.

Prior to the Series C round, the company had completed seven rounds of financing.

Currently, its Chinese counterpart Nio has already gone public in the United States, while another competitor Li Auto has also submitted a prospectus.

As one of the leading firms of the new car-making force in China, Xpeng has also put the IPO on the agenda. There are media reports that the company has secretly submitted IPO documents to the U.S. stock market and is expected to go public in the third quarter.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/07/23/xpeng-motor-closes-usd500m-series-c-round/.

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