Chinese EV maker Xpeng gets another $300-M infusion from investors

The Alibaba Group-backed Xpeng had raised around $500 million from Hillhouse, Sequoia Capital China, Aspex, and Coatue in early July.

Chinese electric vehicle maker Xpeng Motors raised an additional $300 million from investors, including Qatar’s sovereign wealth fund, Qatar Investment Authority.

The Alibaba Group-backed Xpeng had raised around $500 million from Hillhouse, Sequoia Capital China, Aspex, and Coatue in early July.

Last November, Xpeng raised $400 million from investors such as Xiaomi Corp.

The funds would be allocated toward research in areas such as intelligent vehicle technologies.

Xpeng, which has filed for a US initial public offering (IPO), had delivered 19,376 G3 SUVs as of June.

China’s sales of new energy vehicles fell for a 12th straight month in June.

NEVs include battery-powered electric, plug-in petrol-electric hybrid, and hydrogen fuel-cell vehicles.

Investors valued the company at nearly $4 billion.