Chinese electric vehicle start-up Xpeng Motors has raised US$400m from investors for New Product Development (NPD) and is planning to bring to market a number of new models in its pipeline. Among Xpeng's investors are smartphone maker Xiaomi, Alibaba and Foxconn Technology Group.
The Guangzhou-based car manufacturer launched the G3 battery-powered SUV in early 2018, production of which is outsourced with Haima Auto – a small-scale local vehicle producer. Sales volumes were very limited last year, but reports suggest G3 deliveries to dealers in the first ten months of 2019 exceeded 14,000 units.
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In September Xpeng launched updated G3 2020 Edition models, the G3-520 and G3-400 with extended NEDC ranges of 520km and 401km respectively on a single charge – achieved with CATL's more energy-dense 180 Wh/kg batteries.
In April Xpeng unveiled the P7 battery-powered sedan, which it plans to put into production in the first quarter of 2020 with deliveries scheduled to begin in the following quarter.
The company's CEO He Xiaopeng in a press statement pointed out that "Xiaomi's experience and insight in consumer behavior, technology know-how and market trends can add tremendous value to what Xpeng Motors is set to achieve".
