Chinese answer to Tesla Xpeng rumored to raise $600-$700 million at $4 billion valuation

Chinese electric vehicle startup Xiaopeng Motors (Xpeng) is reportedly in talks with Alibaba and other investors to raise $600 million to $700 million, our sister site is reporting (in Chinese). The investment would put Xpeng’s valuation close to $4 billion. Xpeng’s spokesperson declined to comment on the company’s fundraising plans.

In April, He Xiaopeng, co-founder of Xpeng, revealed in an interview at Boao Forum for Asia that the company expects to raise over RMB 10 billion this year and that it will be announcing fundraising plans soon. He said the future investment will be devoted to three main areas: first, team expansion and R&D; second, production base and supplier partnerships; third, branding, market, sales, and after-sales services.

Xpeng is planning to expand its team from the current 700 to 3000 by 2019. The startup also recently opened a research center in Mountain View after setting up a US-based R&D team last December to focus on autonomous driving technologies.

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