Xiaopeng has raised capital in a round co-led by Alibaba, Foxconn and IDG Capital as it gears up to launch its electric sports utility vehicle.
E-commerce firm Alibaba and contract manufacturer Foxconn have co-led a RMB2.2bn ($348m) funding round for China-based smart electric vehicle developer Xiaopeng Motors, South China Morning Post reported today.
The corporates co-led the round with venture capital group IDG Capital, investing alongside Yunfeng Capital, the private equity firm co-founded by Alibaba chairman Jack Ma, as well as China International Capital Corporation and Morningside Ventures.
GGV Capital, Matrix Partners and entrepreneur Yuri Milner were also among the participants, according to Reuters, which…
