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XPeng Motor to start B round financing next year

Biwen Wang From Gasgoo| December 15,2017

China Auto market news, China NEV news, Xpeng Motor

Shanghai (Gasgoo)- He Xiaopeng, Chairman of XPeng Auto revealed today that XPeng Auto has ended its 3-round A+ financing and plans to announce B-round financing in 2018.

Official information shows that XPeng Auto A+ round financing, including A0, A1 and A2 round, gets strong supports from top investing institutions and Internet investors. It’s learned that A0 round funds come from Alibaba Group and the chairman himself, and A1 round funds come from GGV Capital, Morningside Capital, IDG, Matrix Partners China, Shunwei Capital and EBZY Capital. A2 round funds are invested from Xinding Capital, Kinzn Capital and Lightspeed Capital.

Alibaba Group said that XPeng Auto, as a start-up NEV company, can be regarded as part of its layout in auto industry. Auto manufacturing industry has several hundred years of history, and Alibaba respects all auto manufacturers and therefore Alibaba would choose to invest instead of producing vehicles by its own abilities.

It’s reported that XPeng Auto’s first vehicle in mass production with Beijing license plate used automatic parking in Beijing streets on December 3rd. Known as a low-key and practical auto manufacturer, XPeng Auto always leads among all new vehicle manufactures. XPeng Auto released Beta sample model and provided trial driving in September, 2016, the first among all auto companies. It also firstly obtained production license from MIIT in July, 2017. Its first batch of vehicles in mass production rolled off production line in Zhengzhou in October, 2017. XPeng Auto also invested RMB 10b in Zhaoqing New Area to make an intelligent scientific and technological industrial park.

Established by UC founder He Xiaopeng and other Internet giants in 2014, XPeng Auto has headquarter in Guangzhou and R&D, design, production and sales centers located in Beijing, Zhaoqing and Silicon Valley with more than 700 employees currently.

XPeng Auto 1.0 model in mass production is battery electric SUV whose speed can be up to 100KM/H within 5.8 seconds. The driving range is 300KM with automatic parking, low-speed following, voice interaction, remote control and other intelligent functions.

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