Tesla rival Xpeng Motors raises $500m in funding round
By Caoimhe Toman
Date: Monday 20 Jul 2020
(Sharecast News) - Chinese electric car company Xpeng Motors has raised $500m in a fresh funding round as it starts deliveries of its first sedan model.
The $500m funding came from a group of investors including Aspex, Coatue, Hillhouse Capital and Sequoia Capital China.
In its latest round in November, it managed to raise $400m from investors that included Chinese smartphone maker Xiaomi.
This month, Xpeng Motors started deliveries of its new P7 sedan - which is seen as a competitor to Tesla's Model 3.
The funding round comes after months of turmoil in the Chinese car market as sales of new energy vehicles fell 33.1% year-on-year in June, according to data from the China Association of Automobile Manufacturers.
Nevertheless, there were already signs of a rebound from the crisis and subsequent fall in demand caused by the coronavirus pandemic.
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