China-based EV company Xpeng Motors announced the signing of its Series C+ financing of around US$500 million with a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China.

The Series C+ financing further enhances the company’s commitment to serving the large and growing base of technology-savvy middle-class consumers in China by providing Smart EV experiences empowered by advanced technology.

Xpeng Motors has reached several milestones in 2020 to date, despite the impacts of Covid-19, including launching its second Smart EV model, the P7 sports sedan in April 2020, and securing the production license for its self-built fully-owned factory in Zhaoqing, Guangdong Province in May 2020.

The company announced its Series C funding round of US$400 million in November 2019.