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The Chinese electric vehicle manufacturer, XPeng bagged a $400 million investment from its latest funding round — among the investors is Xiaomi.
The 42-year-old entrepreneur, He Xiaopeng led the fund round — catapulting XPeng valuation from $3.57 billion from the previous round to $4 billion.
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XPeng will use the fund for research and development of autonomous driving-related software, mass production of its G3 sport-utility vehicle model and P7 sedan, branding and expanding its retail network.
For only the first nine months of this year, it has sold 13,000 vehicles — putting it in the same global competitive space with Tesla speeding up battery-powered technology development.
"The signing of the new fundraising, which not only attracted new strategic investors such as Xiaomi Corporation but also received strong support from many of our current shareholders, is a renewed endorsement of our long-term strategy.”, mentioned XPeng's CEO, He.
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