Motors Tracker

Xiaopeng Motors, one of China's leading electric vehicle startups, has raised USD300 million in its expanded C+ round of funding, led by Alibaba Group Holding and participated by sovereign wealth fund Qatar Investment Authority, according to an insider. "The [fundraising] process is basically finalized," tech news outlet 36Kr reported, citing an insider who wished to remain anonymous. The Hangzhou-based tech giant delivered most of the fresh funds, the person added. Alibaba has participated in the company's previous rounds of funding. The Guangzhou-based target firm has declined to comment on the development. Chinese tech companies have been keen to invest in new energy vehicle startups as Tencent Holdings is the second-largest shareholder of Nio, Meituan Dianping was the biggest shareholder of Li Auto before its recent initial public offering, and Baidu has a stake in WM Motor Technology. Founded in 2014, Xpeng Motors raised nearly USD500 million previously as part o...

Guangzhou Xiaopeng Motors Technology finished its nearly USD500 million C+ round financing, the Chinese electric carmaker said today. The major investors are Aspex Management HK, Coatue Management, Hillhouse Capital Group and Sequoia Capital China. Xiaopeng provided no further details. Founded in 2014, the company produces internet-enabled e-cars for young consumers.   It has secured the production license for its self-built fully-owned factory in Zhaoqing, Guangdong Province in May 2020. The Company announced its Series C funding round of US$400 million in November 2019.     

Chinese new energy vehicle start-up Nio, which is fast running out of money, has secured CNY10.4 billion (USD1.5 billion) in loans from the local branches of six big state-owned banks. The Anhui province branches of the China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China and the Agricultural Bank of China together with the Industrial Bank and China Merchant’s Bank’s Hefei offices agreed to extend the loans today. The good news saw a collective surge in the shares of mainland-listed NEV makers. Anhui Jianghuai Automobile Group [SHA:600418], also known as JAC Motors and also based in Hefei, hit the exchange-imposed daily limit of 10 percent to reach CNY11 (USD1.57). BYD [SHE:002594] had climbed 7 percent to CNY90 a share by early afternoon.