NIO Rival Xpeng Motors Raises $500 Million

Chinese electric vehicle (EV) start-up Xpeng Motors has raised another $500 million. The company said on Monday that it has completed a "Series C+" finance round with investors including Hillhouse Capital Group and the Chinese branch of Sequoia Capital.

The Guangzhou-based automaker said that its latest funding round is an add-on to the Series C round it completed in November 2019, in which it raised about $400 million ahead of the opening of its factory in Zhaoqing.

Xpeng was founded in 2015 by veterans of Chinese automaker Guangzhou Automobile (OTC: GNZUF) and Alibaba Group (NYSE: BABA). It began deliveries of its second model, the P7 sedan, from the new Zhaoqing factory last month.

Source Fool.com