Started by Chinese entrepreneur Henry Xia in 2014, Xpeng Could Become China’s Biggest Electric Car Maker.
Backed by Chinese and the world’s biggest tech companies. With the likes of Alibaba Group Holding Ltd., Foxconn Technology Group, and Xiaomi Corp. founder Lei Jun.
The company is headed for greater height with the recent roundup raising an additional $300 million ahead of its New York Stock Exchange initial public offering.
On stakes includes Qatar’s sovereign wealth fund and additional investment from Alibaba Group Holding Ltd,
The company now adds the $300 million is on top of the $500 raised in July 2020 from a group of investors including Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China.
If the South China Morning Post is correct, Xpeng will be the third Chinese electric vehicle automaker to list on the US stock market. NIO, and most recently, Li Auto is already traded on the NY stock exchanger. NIO’s stock has quadrupled in recent months and Li Auto has roughly held steady since its IPO last week.
With the recent funding, Xpeng has the fast track of delivering self-driving, fully autonomous electric vehicles in a short amount of time.
The big coming-out party for Xpeng was in January 2018 Consumer Electronics Show in Las Vegas where Xpeng revealed its first car intended for sale. It was a cherry-red G3
With the G3 Xpeng featured autonomous parking, a smartphone app to unlock the car, and a 360-degree camera ascending from the roof at a cost of around $30,000 to about $42,000.
Xpeng is by far one of the most compelling arguments for a successful Chinese EV company right now with sheer financial backing, the manpower and the will to innovate, a pile of cash, and Thanks to Tesla’s decision to open-source its patents.
Xiaopeng Motors has already manufactured several improved Tesla Patents to make ripples across the pond that is the Chinese car industry.