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Chinese electric vehicle (EV) startup Xpeng Motors announced it had signed an agreement with investors for an additional US$500m in fresh funds to finance its ongoing operations.

This latest round of fundraising came after the company secured US$400m in working capital in November 2019 with Aspex, Hillhouse Capital, Coatue and Sequoia as its key investors.

The company said in a statement the additional investment demonstrated "investors have full confidence in our strategy and long term vision to become a leading smart electric carmaker". 

Xpeng was founded in 2015 to develop and produce high performance EVs featuring the latest in connected technologies.

In late 2018 it launched its first model, the G3 battery powered compact SUV, with production outsourced to Chinese carmaker Haima Automobile.

Last year, it sold 16,600 G3s in China.

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By GlobalData

Xpeng launched a new model in April 2020, the P7 four door coupe described as a super long range, high performance, smart EV sports sedan.

Xpeng claims the P7's CATL prismatic lithium NCM batteries give it a range of 706km (NEDC) on a single charge. 

The P7 is produced at the company's new, wholly owned plant in Zhaoqing which has annual capacity of 100,000 units.

Deliveries to customers began at the end of June.