China electric car maker Xpeng raises $348m
Xpeng Motors, a Chinese electric car manufacturer, has completed a RMB2.2 billion ($348 million) Series B round of funding led by Alibaba Group, Foxconn Technology Group, and IDG Capital.
Yunfeng Capital, Apoletto – an investment vehicle backed by DST Global founder Yuri Milner – and China International Capital Corporation also came into the round, in conjunction with GGV Capital, Morningside Venture Capital, and Matrix Partners China.
Guangzhou-based Xpeng, also Known as Xiaopeng, was named after its founder Xiaopeng He. He previously established mobile web browser UCWeb, which was bought by Alibaba. The company showcased its latest electric sport-utility vehicle - the G3 - at the Consumer Electronics Show in Las Vegas earlier this month. It features an array of smart sensing devices including cameras and radar as well as cloud services and remote control functions to car owners. The vehicle is scheduled to go on sale in spring.
Xpeng has raised about RMB5 billion since its incorporation in 2014. The company received RMB2.2 billion in a Series A round in June of last year, led by an automobile industry-focused fund launched by Chinese chauffeured car services provider Ucar.
“Xpeng Motors combines the advantages of the internet, artificial intelligence, and traditional manufacturing. Alibaba is very excited to work together with Xpeng Motors to accelerate the integration and innovation across sectors, leading to more-rapid development in smart transportation," Joe Tsai, Alibaba’s executive vice chairman, said in a statement.
Smart electric cars have become the latest battleground for Chinese internet giants. Tencent Holdings and Baidu have both invested in Nio, formerly known as NextEV, with Baidu also backing WM Motor Technology, an electric vehicle manufacturer set up by a former executive at Zhejiang Geely.
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