Chinese electric vehicle (EV) manufacturer XPeng, backed by Alibaba Group Holdin...
HONG KONG/BEIJING - Chinese electric vehicle manufacturer XPeng, backed by Alibaba Group Holding Ltd, has raised nearly $400 million from investors including Xiaomi Corp to fund its growth, said two people with knowledge of the matter.
The latest fundraising values the five-year-old firm, founded by 42-year-old tech entrepreneur He Xiaopeng, at nearly $4 billion, higher than the 25 billion yuan valuation in the last funding round, said the people. The proceeds will be mainly used for research and development of autonomous driving-related software, mass production of its G3 sport-utility vehicle model and P7 sedan, branding and expanding its retail network, said one of the people, who declined to be identified as the matter was private.
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