Xpeng secures $588 Million to boost production and sales

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Xpeng Raises USD588 Million to Start EV Production, Build Charging Network -Yicai Global

What happened: Chinese electric carmaker Xpeng Motor has secured RMB 4 billion ($588 million) in B Plus round from Primavera Capital Group, Morningside Venture Capital and Chairman He Xiaopeng at an RMB 25 billion valuation. The latest round follows an RMB 2.2 billion round received earlier this year, bring the company’s total fund raised to over RMB 10 billion.

Why it’s important: China’s booming electric vehicle industry has attracted attention not only from entrepreneurs but also the investors. Top internet giants and venture capitals all bet on the trend. Other leading players in the field such NIO and WM Motor all passed the RMB 10 billion funding milestone. With abundant funding, the next goal for these companies is to ship products at scale. Xpeng’s new funding is going to be invested for production and sales of the G3, which is scheduled for first deliveries at the end of this year.