Xpeng Motors raises RMB 4 billion in Series B+ round with a total valuation of RMB 25 billion

tmtpost

tmtpost

· 2018.08.10

With completion of this round, Xpeng Motors has totally raised RMB 6.2 billion in the entire Series B round.

Xpeng Motors has raised RMB 4 billion in a Series B+ round on August 2 led by Primavera Capital Group, Morningside Venture Capital, as well as He Xiaopeng, Chairman and CEO of Xpeng Motors. Besides existing shareholders, Hillhouse Capital, K11 Investment, and Eastern Bell Venture Capital also participated the round. 

With the completion of this round, Xpeng has totally raised RMB 6.2 billion in the entire Series B round. The total number of financing to date has exceeded RMB 10 billion. The current valuation of Xpeng has reached RMB 25 billion. He Xiaopeng, Chairman and CEO of Xpeng, has always been the largest individual investor in all the rounds of financing. Xpeng's individual investors include Yao Jinbo, founder and CEO of the online classifieds marketplace 58.com; Zhang Tao, founder of the local services review site Dianping; Dai Kebin, founder and CEO of the job recruitment site Liepin.com, and some other Internet tycoons.

He Xiaopeng, Chairman and CEO of Xpeng Motors

Xpeng is headquartered in Guangzhou, with its R&D, manufacturing, and marketing divisions in Beijing, Shanghai, Zhaoqing, and Silicon Valley. Xpeng has spent RMB 10 billion in building the Intelligent Science and Technology Park in the Zhaoqing New Zone and has worked together with Haima Automobile on the intelligent production base in Zhengzhou, China.

 "We will adhere to the path of independent innovation tailored to the Chinese market and consumers' driving habits. Autonomous driving and intelligent connectivity are the core competence of Xpeng. Only by continuously creating long-term value for our customers and investors will our company grow bigger and stronger. Xpeng's model G3 will come to the market this year." said He.

Xpeng will build 150 supercharging stations across China, and gradually open dozens of offline stores in first-tier cities.

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The article is edited by @Yi LIU (Email: yiliu@tmtpost.com;  Mobile/WeChat: +86 13911703028). The Chinese version article is published with authorization from the author @TMTpost. Please note source and hyperlink when reproduce.

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