Xiaopeng Motors charges to $585m

Aug 2, 2018 • Thierry Heles

Alibaba, Fosun, UCar and Foxconn-backed electric car developer Xiaopeng secured $585m in series B-plus funding at a $3.7bn valuation.

Xiaopeng Motors, a China-based smart electric vehicle developer backed by corporates Alibaba, Foxconn, Fosun and UCar, raised RMB4bn ($585m) in a series B-plus round today.

The round was co-led by investment firm Primavera Capital Group, venture capital firm Morningside Venture Capital and Xiaopeng Motors co-founder and chairman He Xiaopeng. It valued Xiaopeng at $3.7bn.

Hillhouse Capital, Eastern Bell Venture Capital and K11 Investment also took part but e-commerce group Alibaba, which was reportedly in discussions about contributing to the round

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