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CHINA BRIEF | Xpeng Motors scores USD 300 million in new round led by Alibaba ahead of US IPO

Only two weeks ago, Xpeng Motors raised USD 500 million from investors including Hillhouse Capital.

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Guangzhou-based electric vehicle maker Xpeng Motors has bagged more than USD 300 million in a new round led by Alibaba, and joined by the sovereign wealth fund Qatar Investment Authority, 36Kr reported on Monday.

The new funding comes only two weeks after Xpeng Motors raised USD 500 million from investors including Hillhouse Capital and ahead of a USD 700 million IPO in the US planned for later this month.

On Thursday, Xpeng’s rival Li Auto soared nearly 50% on its Nasdaq debut, following a USD 1.1 billion IPO.

Founded in 2014, Xpeng launched its first model, the pure electric SUV G3 in 2018 and unveiled the second model, the P7 sports sedan, in April this year.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.