China-based Xpeng Motors has closed a US$400-million Series C capital funding from a group of strategic and institutional investors. Xiaomi Corporation, a global leader in the technology and consumer electronics sector, is joining as a strategic investor.
Xiaomi Corporation and Xpeng Motors have achieved significant progress through in-depth collaboration in developing technologies connecting smart phones and smart cars. We believe that this strategic investment will further deepen our partnership with Xpeng in advancing innovation for intelligent hardware and the Internet of Things.— Lei Jun, CEO of Xiaomi Corporation
We are a strong believer that smart mobility and autonomous driving are going to transform our daily lives, and we share the same vision with Xiaomi that technology innovation is the key driver in reshaping our future transportation. Xiaomi’s experience and insight in consumer behavior, technology knowhow and market trends can add tremendous value to what Xpeng Motors is set to achieve.—He Xiaopeng, Chairman and CEO of Xpeng Motors, who also participated in the Series C round
In addition to the latest equity raising, Xpeng Motors has also successfully diversified its funding sources by securing several billions of RMB-denominated unsecured credit lines from leading Chinese and international banks including China Merchants Bank, China CITIC Bank and HSBC.
Xpeng Motors achieved numerous milestones this year. The company unveiled its second production model, the P7 sedan in April, rolled out the 10,000th unit of its first production model, the G3 2019 smart SUV, in June, and in July it released the enhanced version, the G3 2020 with a 520 km (323-mile) NEDC driving range. Also in July, the G3 obtained the highest total score of 92.2% among electric vehicles in the latest China New Car Assessment Program (C-NCAP) safety test.
The company plans to launch the P7 sedan in the spring 2020 and will start delivery in 2Q 2020. The P7 will be the first to implement Internet Finance Authentication Alliance (IFAA) standards-compliant authentication digital car key technology. The P7 will also be the first to implement Alibaba’s In-Car Mini APP platform, leading the entry of the Alibaba-powered platform into the automotive space.
The P7 is built on the SEPA - Smart Electric Platform Architecture, with advanced autonomous driving features and fusion-based perception powered by its dual-chip system: NVIDIA DRIVE Xavier and Qualcomm Snapdragon 820A.
The In-Car Mini APP will initially focus on driver-centric functions related to location, navigation, traffic status, travel assistant or driver condition monitoring and will gradually expand to a host of other mobility, lifestyle and infotainment functions.
Xpeng Motors’ initial backers include its Chairman He Xiaopeng, the founder of UCWeb Inc. and a former Alibaba executive. Xpeng was co-founded in 2014 by Henry Xia and He Tao, former senior executives at Guangzhou Auto with expertise in innovative automotive technology and R&D. It has received funding from prominent Chinese and international investors including Alibaba Group and IDG Capital. The company launched its first production model, the G3 SUV, in December 2018.
The company is building its fully-owned intelligent factory in Zhaoqing, Guangdong Province. Xpeng Motors is headquartered in Guangzhou, China.