Chinese electric vehicle (EV) startup Xpeng Motors is said to have secured an additional US$300m in its latest round of fundraising last month, from major global entities including Alibaba and the Qatar Investment Authority.
This in addition to the US$500m investment already reported last month, from companies such as Sequoia China, Aspex, Coatue and Hillhouse Capital Group.
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It is though that private investment in the company is being accelerated ahead of a possible US$700m initial public offering (IPO) in the US which could come as soon as this month.
This would make Xpeng the third Chinese EV startup to be listed in the US after Nio in 2018 and Li Auto just last month.
There is growing concern in China that the Trump administration may close the door to China companies raising capital and listing in the US.
Xpeng was founded in 2015 to develop and produce high-performance EVs featuring the latest in connected technologies.
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By GlobalDataIn 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 G3 models in its domestic market.
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 an annual capacity of 100,000 units. Deliveries to customers began at the end of June.
