Chinese Tesla challenger Xpeng raises US$500 million from Hillhouse, Sequoia and others
- Hillhouse Capital, Sequoia Capital China, Aspex and Coatue back Xpeng in Series C+ fundraising
- China’s passenger car sales fell sharply during the first quarter of the year due to the coronavirus pandemic
Chinese electric vehicle maker Guangzhou Xiaopeng Motors Technology has raised around US$500 million to expand in the world’s largest car market.
One of Tesla’s most prominent Chinese challengers, the carmaker won investment from Aspex, Coatue, Hillhouse Capital and Sequoia Capital China, the company said on Monday.
The fundraising comes after China’s passenger car sales rebounded recently from a sharp fall in the first quarter of the year because of the coronavirus pandemic.
The P7 sports sedan is Xpeng’s second production model and has a driving range of about 706km on a single charge, the longest among electric vehicles sold in China. The range was verified by the country’s Ministry of Industry and Information Technology.
The P7, premiered at the Shanghai Auto Show last April, retails at between 240,000 yuan (US$34,240) and 370,000 yuan, nearly a third of the price of a Tesla Model S in China.